DCB Bank on Saturday reported a 28 per cent decline in net profit at Rs 69 crore for the March quarter, impacted by the coronavirus crisis.
The private sector lender had posted a net profit of Rs 96 crore in the same period of 2018-19. Income during the January-March quarter of FY20 rose by 8.5 per cent to Rs 434 crore, as against Rs 400 crore in the same period of the preceding fiscal, DCB Bank said in a release.
The bank’s profit after tax in FY20 stood at Rs 338 crore, up 4 per cent from Rs 325 crore in 2018-19. Income during the year grew 10.5 per cent to Rs 1,656 crore as against Rs 1,499 crore in the preceding fiscal.
“Both FY 2020 and Q4 2020 Profit Before Tax was impacted by Rs 63 crore Covid-19 Regulatory Package Provision. The bank conservatively made more provision than required as per guidelines,” it said.