Kolkata, Jun 22 (UNI) DBS Bank India Limited, in its first year after conversion from a branch to a wholly owned subsidiary of DBS Bank Ltd., announced its financial results for the fiscal ending 31 March, 2020 with its net revenue growing by 24 per cent to Rs 1,444 crore from Rs 1,165 crore in FY2019.
Net profit rose to INR 111 crore, a more than six-fold increase from INR 14.5 crore, in FY2019-20, while total deposits increased by 5% to INR 35,652 crore.
Net advances grew by 6% to INR 19,131 crore.
Gross and net non-performing assets (NPA) ratios continue to remain moderated at 2.60% and 0.47% respectively (vs 3.13% and 0.33% respectively in the previous financial year).
Overall Capital Adequacy Ratio stood at 16.33% with CET 1 at 13.12%.
Net advances grew by 6% to INR 19,131 crore from INR 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%. 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 INR 35,652 crore from INR 33,828 crore in the previous year.
Net NPAs stood at 0.47% as on 31 March 2020 with 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.
Speaking about the performance, Surojit Shome, Managing Director and CEO – DBS Bank India said: “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.”
DBS Bank India Limited has grown its branch network in India and is now present in 24 cities with 34 branches. In June 2020, 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.
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