DCB posts Rs 7.37 crore net profit in FY'07

Mumbai, May 4: Development Credit Bank (DCB) posted a net Profit of Rs 7.37 crore for FY'07 against a net loss of Rs 85.26 crore in FY'06.

The operating profit for FY'07 stood at Rs 40.25 crore against an operating loss of Rs 19.66 crores in the last fiscal, the DCB annual report said here.

The non performing assets ratio (NPA) of the Bank with standard asset provision reduced to 0.86 per cent as against 4.13 per cent in previous year.

Adjusted book value per share rose up to Rs 17.46 from Rs 7.46 as at March 2006 with an increase of over 330 per cent, the report said.

''The performance of DCB has improved in all spheres. The Bank started earning profits after a period of two years and the net interest income registered a growth of 59 per cent over the previous year to clock Rs 119.55 crore,'' said Bank managing director and CEO Gautam Vir in the report.

Non interest income also rose by 67 per cent to reach Rs 92.49 crore.

This apart, the DCB has achieved a growth of 41 per cent in total assets and a 42 per cent growth in advances for FY'07. The total deposits for the year stood at Rs 4415 crore, up 40 per cent, in FY'07.

During the period, Bank's capital adequacy ratio (CAR) reached 11.34 per cent from 9.66 per cent in FY'06.

UNI