DCB opens its fourth branch in Bangalore

Bangalore, Sep 19 (UNI) Development Credit Bank, one of the fastest growing private sector banks in India, today opened its state-of-the-art branch at Jakkasandra on the outskirts of the city.

Speaking to newsmen here Bank's Managing Director and Chief Executive Officer Gautam Vir said that the new branch would offer a variety of retail banking services to the customers. The branch had been designed with a retail approach with demarcated zones from where products like Personal loans, Mortgage loans would be offered.

Additionally, Insurance and Mutual Fund products would be a thrust area for the bank, he added.

Replying to queries he said the bank had last month raised Rs 280 crore from various category of investors including some prestigious ones. With this the net worth of the bank had gone upto Rs 575 crore, he added.

He said the bank currently serviced a customer base of over 5 lakh and the net profit for the quarter ending June 2007 was Rs 5.74 crore. The net profit for the year ending March 2007 was Rs 7.37 crore. There had been drastic improvement in the Non Performing Asset sector too which reduced from 4.5 per cent in 2006 to 1.58 per cent now.

He said the Reserve Bank of India had cleared permission for opening eight branches across the country. The bank inaugurated new branches recently in New Delhi. In all there were 77 branches across the country, he revealed.

UNI