Development Credit Bank reports net profit of Rs 8.83 crore for Q1 FY12

Development Credit Bank has reported unaudited results for the first quarter ended June 30, 2011.

The bank reported net profit of Rs. 8.83 crore for the quarter ended June 30, 2011 as compared to a net loss of Rs 2.90 crore for the corresponding quarter last year. Total income has grown by 24.50% at Rs 185.09 crore for the quarter under review from Rs 148.67 crore for the same quarter last year.

Deposits grew by 16.91% to Rs 5,980 crore, while capital adequacy of the lender stood at 12.92%. Provisions came down substantially in the reporting quarter and stood at Rs 7.7 crore as against Rs 25.5 crore in the April-June quarter last fiscal.

Development Credit Bank provides banking services to customers in retail, small and medium enterprises, and corporate banking markets in India. It offers current and savings accounts, fixed deposits, recurring deposits and loans.