DCB has posted net profit of Rs 8.8 crore in Q1

By | June 1, 2011

A recent press report said that Development Credit Bank has reported a net profit of Rs 8.8 crore for the quarter ended June 30, 2011, against a net loss of Rs 2.9 crore in the corresponding year-ago quarter. The deposits grew by 17 per cent to Rs 5,980 crore, while advances grew by 22 per cent to Rs 4,234 crore.

Mr. Murali Natrajan, MD and CEO, DCB said that the opportunity to grow advances is limited in an environment when cost of funds continues to increase and the bank has to take measured steps and standardize growth for the next few months.

Reports said that in the June ended quarter the net interest margin went down to 3.1 per cent from 3.12 per cent and the Capital adequacy also dropped to 12.92 per cent from 13.8 per cent. The ratio of net non-performing assets to total assets improved to 1.19 per cent from2.52 per cent. The bank is involved in offering loans home loan, auto loan, personal loan, business loans etc.

Reports also said that the bank has received approval from the Reserve Bank of India to open 10 new branches in May 2011. These include six branches in the metros and four in semi-urban and rural areas.

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About Pradeep Yuvaraj

Pradeep Yuvaraj is a Co-Founder and Director at Finerva Financial Solutions Private Limited, a financial education company focused on personal finance education. He has penned over 250 articles relating to Personal Finance and clocked over 500 hours of educating individuals on managing personal finance. He is a serial entrepreneur and has been associated with 7 Start-ups. His entrepreneurial experience spans industries as varied as Education, Gas Engineering, Automobile Design, Software development and more recently a Pure play presentation design company. Prior to turning entrepreneur in 2005, he has worked for 3 of the top ten companies of the world - Shell, ExxonMobil and Total SA. This experience included handling Branch Operations, Channel Sales and Business Development across 5 states over a period of 8 years. He holds an MBA from Symbiosis and an Electronics Engineering Degree from the University of Pune.

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