Mumbai:Private sector lender DCB Bank on Wednesday reported Profit After Tax (PAT) for Q4 FY 2024 at Rs 156 crore, up from Rs 142 crore recorded in the same period of the previous fiscal year, indicating a robust growth of 9%.
For the entire fiscal year 2024, the Singapore-headquartered bank's PAT stood at Rs 536 crore, compared to Rs 466 crore in FY 2023, reflecting a commendable growth rate of 15%.
Advances witnessed a year-on-year growth of 19%, with specific sectors such as mortgages growing at 22%, co-lending at 23%, construction finance at 26%, and agri & inclusive banking at an impressive 30%. deposit growth also remained strong at 20%.
Regarding asset quality, the Gross Non-Performing Assets (NPA) as of March 31, 2024, stood at 3.23%, while the Net NPA was reported at 1.11%.
The Provision Coverage Ratio (PCR) as of the same date was recorded at 77.30%, with PCR excluding Gold Loans NPAs slightly higher at 78.18%.
Furthermore, the bank's capital adequacy remained robust, with the Capital Adequacy Ratio standing at 16.59% as of March 31, 2024.
This includes Tier I capital at 14.53% and Tier II capital at 2.06%, as per Basel III norms.
Speaking on the FY 2024 results Murali M. Natrajan, Outgoing Managing Director & CEO said, "I want to thank all the stakeholders for giving me the opportunity to contribute to the progress of the Bank. I wish all the best to the new Managing Director & CEO and the management team who will take this Bank forward. I am confident that DCB Bank will continue its growth trajectory and value creation."
Speaking on the FY 2024 results, Praveen Kutty, Designated Managing Director & 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 continues to be good, resulting in lower credit costs. We intend to continue to improve growth and profitability."
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