DBS Bank India Marks 37% Net Profit Growth In FY 2022-2023
Singaporean lender DBS' Indian subsidiary on Tuesday reported net profit growth of 37 per cent to Rs 228 crore against Rs 167 crore in FY 2021-2022, for the financial year 2022-2023.
The bank’s overall deposit growth stood at 25 per cent and its customer assets increased by 10 per cent YoY.
Subsequently, the net revenue grew by 16 per cent for the year, driven by strong retail and corporate banking performance. Following an improved asset quality in FY 2022-2023 with gross and net NPAs reducing to 5.61per cent (from 9.5 per cent in FY 2021-2022) and 1.17 per cent (from 1.61per cent in FY 2021-2022), respectively.
Overall, the lender’s balance sheet exhibited robust growth at 32 per cent, with total assets reaching to Rs 1.1 lakh core.
Surojit Shome, Managing Director & Chief Executive Officer, DBS Bank India said, "During FY 2022-2023, we substantially completed the integration of the business that was acquired through the amalgamation of the erstwhile Lakshmi Vilas Bank."
He said that the outlays on the multi-dimensional integration process across the technology platform, branch network and people were reflected in elevated one-time and ongoing costs in this fiscal.
Shome underlined that the overall performance parameters of DBS were better than the previous year with robust growth across all its businesses which continued to carry improved business momentum, asset quality, and depth of talent.
He emphasised that the differentiated proposition of an expanded physical network, overlayed with strong digital capabilities will allow a significant scale of SMEs and consumers of the bank.
