DCB Bank Q1 profit dips 57% to Rs 34 cr

DCB Bank on Saturday reported over 57 per cent 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 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.

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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 per cent of gross loans as of June 30, 2021 from 2.44 per cent by June 2020. Sequentially also, it was higher from 4.09 per cent at March-end 2021.

Net NPAs rose to 2.82 per cent from 0.99 per cent at June-end 2020 and 2.29 per cent 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.