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DCB foresees 41 per cent growth in advances

By Staff
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Google Oneindia News

Kolkata, Aug 13 (UNI) Driven by the growth in small and medium business, Development Credit Bank (DCB) expects 41 per cent growth in loans and a 50 per cent share in retail business this fiscal.

"We are expecting 41 per cent growth in loans this fiscal. The current economic boom and the growth in small and medium business will fuel the growth in advances," DCB Chairman Nasser Munjee said here today.

While addressing a press conference, Mr.Munjee said at present DCB had advances of Rs.3,000 crore as against a deposit of Rs.4,700 crore.

During 2007-08 DCB was also hoping to bring down its net non performing assets to below one per cent from the present 1.5 per cent through various "agressive measures," he said.

"We have also targeted to take our share in retail business to 50 per cent this fiscal from the present 40 per cent," he said.

In reply to a question, the Chairman said following dilution of promoters' holdings through the proposed preferential allotment the net worth of the company would grow to Rs. 600 crore from the present Rs. 300 crore taking its capital adequacy ratio to 17.7 per cent from five per cent.

The dilution of stakes among four share holders would leave the promoters with a total holding of 25 per cent from the present 41.6 per cent, Mr.Munjee said.

UNI

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