Development Credit Bank (DCB) is trading higher by 3% at Rs 51.25 in opening deals on BSE after reporting a more-than-double net profit at Rs 43 crore for the quarter ended June 30, 2013 (Q1FY2014) due to onetime treasury gains. The private sector bank had posted profit of Rs 19 crore in a year ago quarter.Underlying net profit, excluding the onetime treasury gains and operating costs, was at Rs 35 crore approximately for Q1 FY2014, DCB said in a press release.
Net interest margins improved to 3.44% in Q1 FY2014 as against 3.18% for Q1FY2013, it added.
The bank’s net interest income (interest income minus interest expenses) grew 30% at Rs 83 crore against Rs 64 crore during the recently concluded quarter.
The stock opened at Rs 51 and hit a high of Rs 51.45 so far. Around 73,000 shares have changed hands on the counter till 0917 hours on BSE.
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