DBS Bank India Limited records strong growth as profit rises more than six fold to INR 111 crores
- Net revenues grew by 24% to INR 1,444 crore from INR 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
- 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.
Headquartered and listed in Singapore, DBS Group is a leading financial services group in Asia with presence in 18 countries. DBS Group’s “AA-” and “Aa1” credit ratings are among the highest in the world. At the overall group level, DBS reported profits of SGD 6.39 billion during the year ended 31 December 2019. It recorded a profit of SGD 1.17 billion for Q1 2020.
DBS Bank has been present in India for 26 years, having opened its first office in Mumbai in 1994.
DBS Bank India Limited is first among the large foreign banks in India to start operating as a wholly owned, locally incorporated subsidiary of a leading global bank. DBS provides an entire range of banking services for large, medium and small enterprises and to individual consumers in India. In 2016, DBS launched India’s first, mobile-only bank – digibank, which now has over 2.6 million customers. Currently present across 24 cities, the Bank has been expanding its network across India since converting to a wholly owned subsidiary.
Recognised for its global leadership, DBS has been named “World’s Best Bank” by Euromoney, “Global Bank of the Year” by The Banker and “Best Bank in the World” by Global Finance. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney. In addition, DBS has been accorded the “Safest Bank in Asia” award by Global Finance for eleven consecutive years from 2009 to 2019.
DBS is committed to building lasting relationships with customers, and positively impacting communities through supporting social enterprises, as it connects customers and markets across Asia. DBS Group’s Foundation works closely with social enterprises across all its key markets in Asia.
For more information, contact:
DBS Bank India Limited
Mobile: +91 - 97733 99244
DBS Bank India Limited
Mobile: +91 - 9920058800