DCB Bank Q1 profit nearly triples to Rs 97 cr

NEW DELHI: DCB Bank on Saturday posted nearly three-fold jump in net profit at Rs 97 crore for June quarter 2022-23 as provisions for bad loans declined. The private sector lender had earned a standalone profit of Rs 34 crore in the year-ago period.

Total income in the quarter increased to Rs 466 crore as compared to Rs 430 crore, DCB Bank said in a regulatory filing. Non-interest income during the quarter improved to Rs 374 crore from Rs 309 crore. However, operating profit in the quarter declined to Rs 166 crore from Rs 202 crore in the same period a year ago.

The lender's gross non-performing assets (NPAs) improved in June quarter to 4.21 per cent from 4.91 per cent in the same quarter a year ago. Net NPAs too decreased to 1.82 per cent as against 2.84 per cent in the same period of the previous year.

As a result, provisions and contingencies for bad loans declined to Rs 35 crore in April-June 2022-23 as against Rs 156 crore in the year-ago period. At the end of first quarter, Provisioning Coverage Ratio (PCR) stood at 69.48 per cent while net interest margin was 3.61 per cent.