India Markets close in 8 mins

DCB Bank Q4FY20 Profit Falls 29% YoY To Rs. 69 Crore

Roshni Agarwal

DCB Bank in its March quarter results for FY20 announced today reported a 29% year-on-year fall in net profit at Rs. 68.76 crore. This decline in profit is largely due to sharp increase in provisions on account of the ongoing Covid 19-led crisis.

NII or net interest income at the bank during the review period surged 7.6% year-on-year to Rs 323.7 crore.

Net advances also inched higher year on year by 8% to Rs. Rs 25,345 crore at the March ended quarter versus Rs 23,568 crore in March 2019.Deposits at the bank increased by 7% to Rs 30,370 crore in the March ended quarter of FY20.

Provisions and contingencies at the private lender jumped 240% year-on-year to Rs. 118.24 crore, this includes Rs. 63 crore kept aside in lieu of COVID-19 regulatory package provisions. On a quarter on quarter basis, provisions grew by 100.4%.

Asset quality at the bank during the review period weakened. On a sequential basis, gross NPAs as a percentage of gross advances rose 31 bps to 2.46%, while net NPAs surged 13 bps to 1.16%. Remember 1 bps is one-hundredth of a percentage point.

"As of March 2020, the net restructured standard advances were approximately Rs 237 crore - commercial vehicle at Rs 135 crore, SME+MSME at Rs 43 crore, mortgages at Rs 43 crore, corporate at Rs 11 crore and others at Rs 5 crore," bank said.

Non-interest income grew 10.6% year-on-year and stood at Rs 109.88 crore and pre-provision operating profit grew 14.5% to Rs 212.08 crore in the review period.

Shares in DCB closed at Rs. 60.45 per share, down by Rs. 3.25 or 5.1% on the BSE on May 22, 2020.

GoodReturns.in

Also Read:

Best Bank Recurring Deposits To Save Money In India

Maruti Suzuki Q4 Net Profit Declines 5% YoY To Rs. 1,795 Crore; Dividend Of Rs 80 Announced

LIC Pradhan Mantri Vaya Vandana Yojana (PMVVY) (Modified- 2020) Scheme: Features And Benefits