Mumbai, Apr 15 (PTI) Shares of DCB Bank today surged nearly 10 per cent after the company reported a 61 per cent rise in March quarter net profit.
The stock zoomed 9.32 per cent to Rs 126 at the BSE. On the NSE, the scrip rallied 9.61 per cent to Rs 126.
Private sector lender DCB Bank had yesterday reported a 61 per cent jump in March quarter net at Rs 63 crore, helped by a deferred tax benefit and write-back in provisions for bad assets.
The bank had posted a post-tax profit of Rs 39 crore in the corresponding period year-ago.
DCB Bank's Managing Director and Chief Executive Murali Natrajan yesterday said a Rs 10-crore "deferred tax benefit" on earlier outgoes and Rs 7-crore write-back on provisions for bad loans were the primary reasons for the profit uptick in the fourth quarter ended March 31.
The core net interest income moved up to Rs 130 crore from Rs 100 crore a year ago, while non-interest income was at Rs 46 crore for the reporting quarter against Rs 33 crore a year ago.
Meanwhile, the benchmark BSE Sensex was trading 72.51 points lower at 28,971.93 at 1225 hrs.