Overall performance parameters were better than the previous year with robust growth across businesses, says DBS Bank India MD and CEO Surojit Shome.
DBS Bank India Ltd, reported net profit for the year ended March rose 37% year-on-year to ₹228 crore, driven by strong retail and corporate banking performance.
Business momentum continued to remain healthy, with overall deposit growth of 25% and a 10% increase in customer assets to ₹50,701 crore.
Net revenue grew by 16% to ₹3,351 crore while net interest income and fee income grew by 18% to ₹3,068 crore. the wholly owned subsidiary of DBS Bank said in a statement.
Gross non-performing assets reduced to 5.61% from 9.5%, while net NPA to 1.17% from 1.61%. This improvement resulted in a provision coverage of 87.7%.
The balance sheet exhibited a robust growth of 32%, with total assets reaching ₹1.1 lakh crore. Capital Adequacy Ratio stood at 15%.
The financial year saw the complete integration of the business of the erstwhile Lakshmi Vilas Bank with DBS India, the statement said.
“The outlays on the multi-dimensional integration process across the technology platform, branch network and people were reflected in elevated one-time and ongoing costs in this fiscal,” said MD & CEO Surojit Shome.
“Despite that, overall performance parameters were better than the previous year with robust growth across all our businesses as we continued to make meaningful strides towards improving our business momentum, asset quality, and depth of our talent,” he said.
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