Business Daily from THE HINDU group of publications
Thursday, Oct 15, 2009
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Business Daily from THE HINDU group of publications Thursday, Oct 15, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Corporate Results
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Private Banks Development Credit Bank posts net loss of Rs 16.9 cr
Our Bureau Mumbai, Oct.14 Development Credit Bank posted a net loss of Rs 16.9 crore for the September-ended quarter, against a Rs 1 crore profit in the corresponding quarter last year. Net interest earned was Rs 111.6 crore (Rs 171.2 crore) while other income was Rs 34.1 crore (Rs 30 crore). The bank had raised Rs 65-crore Tier-II capital for growth. The bank is planning to complete its QIP by December. It will use the capital to grow its balance sheet, it said in a press release. “The bank is making steady progress in improving its financial position,” said Mr Murali M. Natrajan, MD and CEO. Provisions are decreasing month on month and costs have been reduced systematically, he added. As on September 30, total advances were at Rs 2,963 crore, a drop of 9 per cent from March 31, 2009, while deposits fell 3 per cent to Rs 4,502 crore for the same period. Going forward, the bank will look to grow its home loans, micro-SME, SME, mid-corporate, agri and microfinance business while reducing exposure to unsecured retail loan portfolio. The bank expects the home loan business to grow to Rs 200 crore by year-end. More Stories on : Private Banks
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