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DCB Bank Reports 15% Profit Increase in FY 2024, Share Price Surges 10%

24 April 20243 mins read by Angel One
DCB Bank Limited reports a 15% profit increase in FY 2024, touching ₹536 crore, driving a ~10% surge in share price.
DCB Bank Reports 15% Profit Increase in FY 2024, Share Price Surges 10%
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On April 24, 2024, DCB Bank announced its FY 2024 financial results in which the bank reported a growth of 15% in its profit after tax, touching ₹536 crore in FY 2024. DCB Bank’s total income in FY 2024 was ₹2,402 crore.

DCB Bank reported a profit after tax (PAT) of ₹536 crore in FY 2024, up 15% from FY 2023’s ₹466 crore. In the case of quarterly results, the bank reported a profit after tax of ₹156 crore in Q4 FY 2024, which increased by 9% from ₹142 crore in Q4 FY 2023.

The company recorded a total income of ₹644 core in Q4 FY 2024, which was up by % compared to the total income of ₹608 crore in Q4 FY 2023.

DCB Bank stated that the year-on-year growth of Advances was at 19%, which includes Mortgage growth of 22%, Co-Lending growth of 23%, Construction Finance growth was 26% and Agri & Inclusive Banking growth was 30%. In the case of Deposits, the bank saw year-on-year growth of 20%.

As of March 31, 2024, the Gross NPA was 3.23%, and the Net NPA was 1.11%. During the same time, the Provision Coverage Ratio (PCR) was at 77.30%. The Provision Coverage Ratio without including Gold Loans NPA was at 78.18%. The bank reported a Capital Adequacy Ratio of 16.59%.

Commenting on the FY 2024 results, the Outgoing Managing Director and CEO of DCB Bank, Mr Murali M Natarajan, said, “I want to thank all the stakeholders for giving me the opportunity to contribute to the progress of the Bank. I wish all the best to the new Managing Director & CEO and the management team who will take this Bank forward. I am confident that DCB Bank will continue its growth trajectory and value creation.”

The Designated Managing Director and CEO, Mr Praveen Kutty, said, “We continue our steady scale up journey, with growth in chosen products as per strategy, namely, Mortgages, Agri & Inclusive Banking, Construction Finance and Gold. Our deposit franchise has registered strong growth, wie continuing to maintain its granular profile. Upgrades and Recoveries continues to be good, resulting in lower credit costs. We intend to continue to improve growth and profitability.”

On April 24, 2024, the share price of DCB Bank Ltd opened at ₹125.25, touching the day’s high at ₹137.50, a ~10% increase as of 3:25 PM on the NSE.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.

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