DCB Bank Q1: Net Profit Rallies 188% YoY, Asset Health Improves

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DCB Bank Q1: Net Profit Rallies 188% YoY, Asset Health Improves
Credit: © Reuters.

By Malvika Gurung

Investing.com -- The private sector scheduled commercial bank DCB Bank Ltd (NS: DCBA ) released its earnings results for the June ending quarter on July 30, posting a multi-fold jump in net profit on a YoY basis.

Its standalone profit rallied 188% YoY to Rs 97 crore during the June 2022 quarter, backed by a steep fall in provisions. The provisions and contingencies for bad loans plunged 77.6% YoY to Rs 35 crore during the quarter.

Its net interest income climbed 21% YoY to Rs 374 crore, aided by significant loan growth, while total income grew marginally to Rs 466 crore from Rs 430 crore.

The non-interest income advanced 12.3% YoY to Rs 374 crore in the reporting quarter, while operating profit lowered 17.8% YoY to Rs 166 crore.

The private lender’s asset health during the quarter under focus improved, as gross NPA reduced to 4.21% from 4.91% in the year-ago period and net NPA stood at 1.82% compared to 2.84% in Q1 FY22.

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