Mumbai, July 30, 2007: The
Board of Directors of Development Credit Bank
Ltd (BSE: 532772; NSE: DCB) took on record the
unaudited (Limited Reviewed) results for the
quarter ended June 2007 at its meeting held
in Mumbai on July 30,2007. The Net Profit for
the quarter was up at Rs.5.74 crores as against
the Net Profit of Rs.4.34 crores for Q1 FY07
and Rs.7.37 crores for FY 07. Net Interest Income
and Total Income grew by 40% over Q1 FY 07.
The growth in Net Profit was an impressive 32%
over Q1 FY 07.
Unaudited (Limited Reviewed) Results
for Q1 FY 08
| |
|
|
(Rs. in crores) |
|
Q1
FY08 |
Q1
FY07 |
Growth |
Net
Interest Income |
32.00
|
22.72 |
40% |
Non Interest
Income |
28.61 |
20.55 |
39% |
Total Income |
60.61 |
43.27 |
40% |
Operating
Expenses |
52.35 |
34.55 |
52% |
Provisions
|
2.52 |
4.38 |
-42% |
Net Profit |
5.74 |
4.34 |
32% |
The performance of the Bank improved in all
spheres. The Bank continued earning profits
in the Q1 FY08. While Net Interest Income registered
a comfortable growth of 40% over Q1 FY07 to
reach Rs.32 crores, Non Interest income increased
by 39% to reach Rs.28.61 crores. Total income
went up by 40% compared to Q1 FY07. Operating
Profit for the period amounted to Rs.8.26 crores,
while the Net Profit amounted to Rs.5.74 crores.
Commenting on the results Mr. Gautam
Vir, Managing Director & CEO, Development
Credit Bank Ltd. said, "The progress
witnessed in the quarter is a definitive step
towards the high goals that we have set for
ourselves. Focus on execution continues to be
our mantra for growth going forward. The Bank
is investing on increasing its distribution,
the payback of which will be seen in subsequent
quarters.”
| |
|
|
(Rs. in crores) |
Key
Balance Sheet Parameters |
June
30,2007 |
June
30,2006 |
Growth
% |
Advances |
2887.28 |
1927.41 |
50% |
Investments |
1722.19 |
1597.69 |
8% |
Shareholders’
Funds |
335.17 |
168.30 |
99% |
Deposits |
4766.59 |
3587.07 |
33% |
Total Assets |
5599.78 |
4153.22 |
35% |
Performance Highlights:
- Operating Profit of Rs.8.26 crores for Q1
FY08.
-
Net Profit of Rs 5.74 crores in Q1 FY08.
-
Growth Story continues-Profit for Q1 FY08
records a 32% Growth over Q1 FY07.
-
Growth in Total Assets by 35%.
-
Advances at Rs 2887 crores - a growth
of 50% YOY.
-
Retail Advances stood at Rs.1318 crores
with an impressive growth of 69% YOY.
-
Deposits at Rs. 4766 crores- growth of
33% YOY.
-
Gross NPA % reduced to 4.9% as at June
2007 from 14.5% as at June 2006.
-
Net NPA % without Standard Assets provision
reduced to 1.6 % from 4.1% as at June 2006
-
Net NPA % with Standard Assets Provision
reduced to 0.8% as against 3.7% as at June
2006.
-
Capital Adequacy Ratio up at a comfortable
10.5%-up from 9.4% in June 2006.
-
Book Value per Share up at Rs. 20.59 from
Rs. 18.86 at June 2006.
-
Fully Adjusted Book Value per Share more
than doubled to Rs.17.53 from Rs.8.62 at June
2006.
DCB is a private sector bank having access
to over 18,000 ATMs and 72 state-of-the-art
branches and extension counters spread over
nine states and two union territories. The Bank
has got permission to open 8 new branches. The
Bank has recently launched several value added
initiatives and intends to become one of the
country’s preferred and profitable financial
institutions, providing a comprehensive suite
of “best in class” products for
specific market segments in chosen geographies.
DCB has initiated a liability and select asset
product led strategy, through a mix of owned
and outsourced products and multi-channel capabilities.
For more details on this release, contact:
Sonia Kulkarni
Adfactors PR
98201 84099
22814202 / 3565
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