Small-time private sector lender DCB Bank today reported a 25 percent surge in December quarter net at Rs 51 crore, driven primarily by a surge in the core interest income. The city-based lender had reported a post tax profit of Rs 41 crore in the year-ago period. Its net interest income rose 31 percent to Rs 209 crore, while the non-interest income was up 36 crore to Rs 64 crore during the reporting quarter.
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The share of low-cost current and savings account balances increased to 25.85 per cent as on December 31, from the 21.91 percent three months ago, on the back of a surge in deposits following the move to scrap Rs 500 and Rs 1,000 notes by the Central government.
The surge in deposits, coupled with a massive slowdown in advances (which grew only two per cent sequentially) led to a drop in the credit-deposit ratio to 77.41 per cent from 83.33 per cent in the year-ago period.
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