DCB opens fourth branch in Bangalore

Bangalore, Sep 19 (UNI) Development Credit Bank (DCB), 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 newspersons here, Managing Director and CEO of the bank Gautam Vir said the new branch would offer a variety of retail banking services to the customers.

The branch had been designed with a retail approach by demarcating zones where products like personal and 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 raised Rs 280 crore last month from various category of investors, including some prestigious ones. With this, the net worth of the bank had gone up to Rs 575 crore.

He said the bank currently serviced a customer base of over five lakh and the net profit for the quarter ending June 2007 was Rs 5.74 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.

The Reserve Bank of India had cleared permission for opening eight branches in various parts of the country. Altogether there were 77 branches across the country, he added.

UNI