DCB Bank Q1FY24 Results: Reports 31% Net Profit Growth To Rs 127 Crore

Private sector lender, DCB Bank reported a 31% growth in consolidated net profit at Rs 127 Crore, in Q1FY24, up from Rs 97 Crore in the same period last year.

In Q1FY24, total revenues increased by 24% to Rs 578 Crore from Rs 466 Crore in the corresponding quarter last year.

The Gross Non-Performing Assets (GNPA) grew sequentially from the January-March quarter of fiscal 2022-23 to 3.26% from 3.19%. However, GNPA declined year over year (YoY), from 4.21% in the same quarter last fiscal year.

Q1FY24 Results Highlights

1) The Bank's Profit After Tax (PAT) for Q1 FY 2024 was at INR 127 Cr. In comparison Profit After Tax for Q1 FY 2023 was at INR 97 Cr., growth of 31%.
2) Advances growth year-on-year was at 19% and Deposit growth year-on-year was at 23%.
3) The Gross NPA as on June 30, 2023 was at 3.26%. Net NPA was at 1.19% as on June 30, 2023. Both Gross NPA and Net NPA declined in comparison to last year. The Provision Coverage Ratio (PCR) as on June 30, 2023 was at 77.07% and PCR without considering Gold Loans NPAs was at 77.74%.
4) Capital Adequacy continues to be strong and as on June 30, 2023, the Capital Adequacy Ratio was at 17.09% (with Tier I at 14.78% and Tier II at 2.31% as per Basel III norms).

Speaking on the Q1 FY 2024 results Mr. Murali M. Natrajan, Managing Director & CEO said, "The Bank delivered stable performance in Q1 FY 2024. Net Interest Margin and NPAs were in line with our expectation. Core products - Mortgages, Agri & Inclusive Banking, Construction Finance and Co-lending delivered strong YoY growth."

On Friday, post the Q1FY23 result, fell 0.89%, closed at Rs 128.55 apiece with intraday high and low of Rs 131.85 and 128.25 on BSE, respectively. The stock is trading 9.84% away from its 52-week-high of Rs 141.20 apiece. Its 52-week-low is Rs 81.25 apiece.

The stock surged 3.92% in the last 1 week, while 10.30% in 1 month. It gave 44.36% in the last 1 year, and 63.76% in 3 years, respectively.

DCB Bank is a small-cap banking stock. It has a market cap of Rs 4,009.39 Crore.