DBS Bank India reports a six-fold increase in profit
Singapore-headquartered DBS is focused and committed to the Indian market, having expanded to 24 cities with 34 branches.
DBS Bank India Managing Director and CEO Surojit Shome underlined the commitment, “Our strong performance demonstrates our focus and commitment to the Indian market.
“In the past year, we have strengthened customer relationships and expanded our footprint in the country through a unique phygital strategy.
“Despite the prevailing headwinds, we are confident that we will continue to capitalise on growth opportunities,” he said.
DBS Bank India Limited has recorded strong growth with profit rising more than six-fold to Rs.111 crores for fiscal ended 31 Mar 2020 from Rs14.5 crore in FY2019-20.
Net revenues grew by 24% to Rs.1,444 crore from Rs.1,165 crore in FY2019, said DBS Bank India on 22 June 2020.
Total deposits increased by 5% to Rs.35,652 crore, net advances grew by 6% to Rs.19,131 crore and gross and net non-performing assets (NPA) ratios continue to remain moderated at2.6 0% and 0.47% respectively (vs 3.13% and 0.33% respectively in the previous financial year)
Net advances grew by 6% to Rs.19,131 crore from Rs.18,108 crore in the corresponding period of the previous year, despite a challenging external environment.
Average savings deposits grew at 21% boosted by a sharp year-on-year increase of 52%.
The average current account balances grew by 24%, even after adjusting for temporary transaction floats received at the end of the year. This has resulted in the overall contribution of CASA increasing to 19% of total deposits from 14% in the previous period.
Total deposits grew by 5% to Rs.35,652 crore from Rs.33,828 crore in the previous year.
Net NPAs stood at 0.47% as on 31 March 2020 with a provision coverage ratio at 88%.
The bank adopted a focused strategy to manage stressed assets and NPAs in the challenging macroeconomic environment.
The capital adequacy ratio remained strong at 16.33%, compared to 19.69% last year.
In June 2020, parent group DBS was named by Forbes in its 2020 list of the World’s Best Banks. Based on a global survey of 40,000 banking customers, DBS was ranked #1 out of 29 domestic and international banks present in India. fiinews.com
