Development Credit Bank reported a profit after tax (PAT) of Rs 15.6 crore in the third quarter of FY12, a massive growth of 91% as compared to Rs 8.2 crore in the previous quarter.
Net interest income of the bank jumped 21% to Rs 59.7 crore from Rs 49.3 crore during the same period. Topline was almost in line with expectations while net income was way above estimates. CNBC-TV18 had expected net income of Rs 13 crore and net interest income of Rs 60 crore.
The bank made less provisions in the third quarter at Rs 6.8 crore as against Rs 7.5 crore in a year ago period. Capital adequacy ratio in the same period stood at 13% versus 13.1%.
Non performing assets (NPAs) on the gross basis declined to Rs 256 crore in the third quarter from Rs 260 crore in the previous quarter. Gross NPAs stood at 5.67% versus 5.75%.
But net NPAs increased to Rs 44 crore from Rs 42 crore quarter-on-quarter.
Source: www.moneycontrol.com
Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd
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