DCB Bank Share Price Increases By 2% After Announcing Q4 Net Profit

dcb bank

DCB bank gets a huge start in the morning session (of May 10, 2021) with over 2% increase in their share price.

The increase was the result of DCB Bank announcing their March quarter results. Under which they reported their net profit to increase by 13% as compared to last year.

The bank reported a net profit of Rs 78 crore for January-March quarter.

But the banks total income for January-March quarter of 2020-21 fell to Rs 971 crore from Rs 1,012 crore in the same quarter of 2019-20, as said by the DCB Bank in their regulatory filing.

This morning the stock was trading at Rs 92.90, up by Rs 2.15, at 09:40 hours. The stock touched an intraday high of Rs 93.85 and an intraday low of Rs 91.10.

The bank also announced that they are holding the contingency provision of Rs 229.11 crore against the likely impact of COVID-19 regulatory package, impact of the conclusion of the interim order (of Supreme Court on not declaring accounts as NPAs till August 31, 2020 and after) and other contingencies.

“In addition to this contingency provision of Rs 124 crore, the bank also holds floating provision amounting to Rs 108.80 crore, besides, provisions for standard assets and specific non-performing assets,” it said.