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DCB Bank Q1 result: Profit dips 57% to Rs 34 crore

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DCB Bank has reported over 57 percent decline in net profit at Rs 33.76 crore for June quarter 2021-22.

DCB Bank Q1 result: Profit dips 57% to Rs 34 crore
DCB Bank on Saturday reported over 57 percent decline in net profit at Rs 33.76 crore for June quarter 2021-22. The bank had posted a net profit of Rs 79.38 crore in the year-ago period. The profit was also down from Rs 77.91 crore in the previous March quarter.
Total income during April-June 2021-22 was up at Rs 965.67 crore from Rs 950.70 crore in the year-ago period, DCB Bank said in a regulatory filing. While the bank's treasury income rose during the quarter, the corporate and retail banking income fell from the year-ago period.
Expenditure of the bank was higher during the quarter at Rs 764.48 crore as against Rs 759.56 crore. Bad loans of the bank rose with gross non-performing assets (NPAs) jumping to 4.87 percent of gross loans as of June 30, 2021, from 2.44 percent by June 2020. Sequentially also, it was higher from 4.09 percent at March-end 2021.
Net NPAs rose to 2.82 percent from 0.99 percent at June-end 2020 and 2.29 percent by end of March 2021. Provisions for bad loans and contingencies were raised significantly to Rs 155.54 crore in the quarter from Rs 83.69 crore in the year-ago period.
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