Development Credit Bank (DCB Bank) net profit june 2011

Development Credit Bank (DCB Bank) net profit june 2011 : Thrissur-based South Indian Bank (SIB) has registered its highest ever quarterly net profit of Rs 82.49 crore for the three months ended June, clocking a growth of 41.15 per cent over the year-ago period. The bank had posted a net profit of Rs 58.44 crore in the April-June quarter last year.

SIB's business has increased by Rs 13,556 crore from Rs 40,217 crore to Rs 53,733 crore on year-to-year basis, a growth of 33.71 per cent, the bank's CEO and Managing Director V A Joseph said while announcing the first quarter results.

While deposits went up by 35.54 per cent to Rs 31,662 crore from Rs 23,331 crore (y-o-y) during the quarter, advances increased by 31.18 per cent from Rs 16,886 crore last year to Rs 22,151 crore.

Low-cost, or CASA (current account saving account), deposits increased from Rs 5,852 crore to Rs 6,789 crore, registering a growth of 16.02 per cent, he said.

The bank earned a total income of Rs 820.34 crore during the quarter as against Rs 581.78 crore last year, a growth of 41.01 per cent. It maintained the net interest margin (NIM) at the same level of 2.8 per cent as in the first quarter of June, 2010-11, he added.

The bank planned to raise Rs 1,000 crore through QIP (Qualified Institutional Placement), which will be completed by September this year. Joseph said the bank planned to open 57 more branches in the current fiscal to take the total number of branches to 700.

DCB Highlights:

As on June 30, 2011, the Balance Sheet was at Rs. 76,220 million as against Rs. 63,733 million as on June 30, 2010, a growth rate of 20%.

Retail Deposits (Retail CASA and Retail Term Deposits) continued to show positive movement. Retail Deposits were at 82% of Total Deposits as on June 30, 2011 as against 80% as on June 30, 2010.

CASA ratio as on June 30, 2011stands at 33.3% as against 36.0% as on June 30, 2010.

Net Advances grew to Rs. 42,344 million as on June 30, 2011 from Rs. 34,788 million as on June 30, 2010, a growth rate of 22%.

Net Interest Margin stood at 3.10% for Q1 FY 2012 as against 3.12% for Q1 FY 2011.

Capital Adequacy Ratio (CAR) was at 12.92% as on June 30, 2011 with Tier I at 11.12% and Tier II at 1.85% under Basel II.

Provisions continue to decline. For Q1 FY 2012 it is substantially reduced to Rs.77 million as against Rs.255 million in Q1 FY 2011.

DCB Bank has opened its branches at Mandvi and Netrang in Gujarat. Total Branches network - 82 as well as 138 ATMs.

Shares of the company gained Rs 1, or 1.55%, to settle at Rs 65.50. The total volume of shares traded was 2,343,602 at the BSE (Thursday).
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