DCB Bank announces Full Year FY 2024 Results

BHUBANESWAR: The Board of Directors of DCB Bank Ltd. (BSE: 532772; NSE: DCB) at its meeting in Mumbai on April 24, 2024, approved the audited financial results of the Fourth Quarter (Q4 FY 2024) and the Year ended March 31, 2024 (FY 2024).

Highlights:

1) The Bank’s Profit After Tax (PAT) for Q4 FY 2024 was at INR 156 Cr. In comparison Profit After Tax for Q4 FY 2023 was at INR 142 Cr., growth of 9%.

The Bank’s Profit After Tax (PAT) for FY 2024 was INR 536 Cr. In comparison Profit After Tax for FY 2023 was at INR 466 Cr., growth of 15%.

2) Advances growth year-on-year was at 19% (Year-on-year Mortgages growth 22%, Co- lending growth 23%, Construction Finance growth 26% and Agri & Inclusive Banking growth 30%) and Deposit growth year-on-year was at 20%.

3) The Gross NPA as on March 31, 2024, was at 3.23%. Net NPA was at 1.11% as on March 31, 2024.

The Provision Coverage Ratio (PCR) as on March 31, 2024, was at 77.30% and PCR without considering Gold Loans NPAs was at 78.18%.

4) Capital Adequacy continues to be strong and as on March 31, 2024, the Capital Adequacy Ratio was at 16.59% (with Tier I at 14.53% and Tier II at 2.06% as per Basel Ill norms).

Speaking on the FY 2024 results Mr. Murali M. Natrajan, Outgoing Managing Director & CEO 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.”

Speaking on the FY 2024 results Mr. Praveen Kutty, Designated Managing Director & CEO 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, while 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.”