DCB Bank on Wednesday posted its fiscal fourth quarter earnings with profit at Rs 155.68 crore, up 9.5 per cent in comparison to Rs 142.21 crore during the fourth quarter of FY23. Its Net Interest Income (NII) for the quarter increased by 4.4 per cent on-year to Rs 507.5 crore.
The total income recorded by the firm during the quarter was at Rs 1580.82 crore, up 21.5 per cent as against Rs 1301.61 crore during the same quarter last year. Total expenditure incurred by DCB Bank during the quarter in review stood at Rs 1347.07 crore.
The company board also recommended a dividend of Re 1.25 per equity share of face value Rs 10 each of the Bank. “The Board of Directors has also fixed the record date for determining the eligibility of Members entitled to receive dividend on equity shares as Friday, May 10, 2024,” the company said in a regulatory filing.
DCB Bank’s asset quality
DCB Bank’s Gross NPA during the quarter stood at 3.23 per cent from 3.43 per cent in the previous quarter. Net NPA, meanwhile, fell to 1.11 per cent from 1.22 per cent during the last quarter. Capital adequacy ratio of the bank stood at 16.59 per cent at the end of March 31, 2024.
DCB Bank said that both advances and deposits grew by 19 per cent each as compared to the same quarter in FY23. Advances stood at Rs 40,924 crore, while deposits stood at Rs 49,353 crore.
DCB Bank said that the provisions for the quarter more-than-halved from last year, and fell by 41 per cent from the December quarter to Rs 24.3 crore.
Praveen Kutty, Designated Managing Director and CEO, said, “We continue our steady scale up journey, with growth in chosen products, as per strategy, namely, Mortgages, Agri & Inclusive Banking, Construction Finance and Gold. Our deposit franchise has registered strong growth, while continuing to maintain its granular profile. Upgrades and recoveries continue to be good, resulting in lower credit costs. We intend to continue to improve growth and profitability.”