Mumbai: DBS Bank India Ltd the wholly owned subsidiary of Singapore based DBS Group has reported a net profit of Re 111 crore in the year ended March 2020 up more than seven times from the Rs 15 crore reported a year earlier.

Net profit increased led by a 24% growth in revenues to Rs 1,444 crore from Rs 1,165 crore in fiscal 2019. This is the first full year results since the bank converted to a wholly owned subsidiary model in March 2019.

The bank’s net advances increased 6% to Rs 19,131 crore from Rs 18,108 crore in fiscal 2019 while deposits grew 5% to Rs 35,652 crore from Rs 33,828 crore in the previous year.

The bank infused $150 million in capital during last fiscal after converting to a wholly owned subsidiary. Capital adequacy stood at 16.33% higher than the minimum 8% required though it was down from 19.69% reported in March 2019 as the bank used up funds for growth as also bought back $260 million of Tier II bonds to convert to a new subsidiary.

Gross non-performing asset (NPA) reduced to 2.60% of the loan book down from 3.13% in March 2019.

“The bank adopted a focused strategy to manage stressed assets, and NPAs in the challenging macroeconomic environment,” DBS said.

The bank has a branch network of 34 branches in India currently with plans to increase it through a combination of branches and kiosks.

“In the past year, we have strengthened customer relationships and expanded our footprint in the country through a unique phygital strategy. Despite the prevailing headwinds, we are confident that we will continue to capitalise on growth opportunities,” said Surojit Shome, CEO DBS Bank India.

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