DCB Bank Hits 52-Week High On Q2 Earnings

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Shares of private sector lender DCB Bank rallied as much as 7.7 per cent to hit fresh 52-week high of Rs 131.40 after the company post market hours on Friday reported that its net profit in quarter ended September 2016 rose 31 per cent.

Mumbai-based DCB Bank on Friday said that its net profit rose 31.30 per cent to Rs 48.9 crore for the quarter ended on September 30, 2016.

The bank had recorded a net profit of Rs 36.9 crore in the corresponding quarter of last fiscal, DCB Bank said in a filing to BSE.

Total income of the lender increased to Rs 567.8 crore during the quarter under review, as against Rs 464.8 crore over the corresponding period of 2015-16.

However, bad loans during the quarter rose during the quarter under review as its gross non-performing assets (NPAs) jumped to 1.75 per cent of total advances, from 1.72 per cent in the June quarter.

The bank set aside Rs 26.48 crore as provisions, against Rs 21.67 crore in the year-ago quarter.

As of 12:57 p.m., shares of DCB Bank traded 3.77 per cent higher at Rs 126.70, outperforming the Nifty which was down 0.7 per cent.