Bangalore, November 03, 2023 : The Board of Directors of DCB Bank Ltd. (BSE: 532772: NSE:DCB) at its meeting in Mumbai on October 31, 2023, approved the unaudited financial results for quarter ended September 30, 2023 (Q2 FY 2024) along with limited review report by statutory auditors ‘Sundaram & Srinivasan, Chartered Accountants’ and ‘B S R & Co.LLP, Chartered Accountants’.
Highlights:
1) The Bank’s Profit After Tax (PAT) for Q2 FY 2024 was at INR 127 Cr. In comparison Profit After Tax for Q2 FY 2023 was at INR 112 Cr., growth of 13%.
The Bank’s Profit After Tax (PAT) for H1 FY 2024 was at INR 254 Cr. In comparison Profit After Tax for H1 FY 2023 was at INR 210 Cr., growth of 21%.
2) Advances growth year-on-year was at 19% and Deposit growth year-on-year was at 23%.
3) The Gross NPA and Net NPA as on September 30, 2023 was at 3.36% and 1.28% respectively. Both Gross NPA and Net NPA declined as compared to last year.
The Provision Coverage Ratio (PCR) as on September 30, 2023 was at 75.49% and PCR without considering Gold Loans NPAs was at 76.63%.
4) Capital Adequacy continues to be strong and as on September 30, 2023, the Capital Adequacy Ratio was at 16.55% (with Tier I at 14.28% and Tier Il at 2.27% as per
Basel Ill norms).
Speaking on the Q2 FY 2024 results Mr. Murali M. Natrajan, Managing Director & CEO said, “The Bank’s growth trajectory is expected to improve further in the coming months. The market conditions have impacted Cost of Deposits/Funds and CASA balances, which is expected to stabilize in two quarters or so.”
