DBS Bank India reports strong profit and balance sheet growth for FY22-23

0
326
DBS Bank India
DBS Bank India
0 0
Azadi Ka Amrit Mahoutsav

InterServer Web Hosting and VPS
Read Time:2 Minute, 26 Second

DBS Bank India reports strong profit and balance sheet growth for FY22-23

Results driven by the expansion of both retail and corporate banking, bolstered by an expanded physical presence

India, 20 June 2023  

DBS Bank India Limited, the wholly owned subsidiary of DBS Bank Ltd., announced its financial results for the fiscal year ending March 31, 2023. The bank reported a net profit of INR 228 Cr for FY22-23, representing a 37% growth compared to FY21-22’s net profit of INR 167 Cr. Business momentum continued to be healthy, with overall deposit growth of 25% and a 10% increase in customer assets* Y-o-Y. Net revenue grew by 16% for the year, driven by strong retail and corporate banking performance. Asset quality further improved in FY22-23, with gross and net NPAs reducing to 5.61% (from 9.5% in FY21-22) and 1.17% (from 1.61% in FY21-22), respectively. The balance sheet exhibited robust growth at 32%, with total assets reaching INR 1.1 lakh Cr.

Key financial performance highlights:

  • Customer assets* grew 10% to reach INR 50,701 Cr in FY22-23, compared to INR 46,250 Cr in FY21-22.
  • Net revenues grew by 16%, reaching INR 3,351 Cr in FY22-23, up from INR 2,892 Cr in FY21-22.
  • Stable income (Net Interest Income (NII) and fee income) exhibited a growth of 18% to reach INR 3,068 Cr in FY22-23.
  • FY22-23 PAT stood at INR 228 Cr, increasing from INR 167 Cr in FY21-22.
  • The net NPA ratio improved to 1.17% compared to 1.61% in the previous year, while the gross NPA ratio showed improvement to 5.61% in FY22-23 from 9.5% in FY21-22. This improvement resulted in a provision coverage of 87.7%.
  • As of FY22-23, the Capital Adequacy Ratio stood at 15%, with Common Equity Tier 1 (CET1) at 12.55%.

Speaking on the DBS Bank India results for Financial Year 2023, Surojit Shome, Managing Director & Chief Executive Officer, DBS Bank India, said, “During FY22-23, we substantially completed the integration of the business that was acquired through the amalgamation of the erstwhile Lakshmi Vilas Bank. 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. 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. Our differentiated proposition of an expanded physical network, overlayed with strong digital capabilities will allow us to significantly scale our SME and consumer businesses, and strengthen our large corporate franchise to improve overall financial performance by leveraging our platform more effectively.”

Surojit Shome, Managing Director & Chief Executive Officer, DBS Bank India
Surojit Shome, Managing Director & Chief Executive Officer, DBS Bank India

About Post Author

Editor Desk

Antara Tripathy M.Sc., B.Ed. by qualification and bring 15 years of media reporting experience.. Coverred many illustarted events like, G20, ICC,MCCI,British High Commission, Bangladesh etc. She took over from the founder Editor of IBG NEWS Suman Munshi (15/Mar/2012- 09/Aug/2018 and October 2020 to 13 June 2023).
Happy
Happy
0 %
Sad
Sad
0 %
Excited
Excited
0 %
Sleepy
Sleepy
0 %
Angry
Angry
0 %
Surprise
Surprise
0 %
Advertisements

USD





LEAVE A REPLY

Please enter your comment!
Please enter your name here