DBS Bank India reported a 36.52% jump in its net profit to Rs 228 crore in FY23. The bank’s net interest income (NII) grew 19.2% to Rs 3,662 crore, while its non-interest income grew 23.3% to Rs 1,545 crore.
Furthermore, the bank witnessed an enhancement in its asset quality, as indicated by a decline in the gross non-performing assets (NPAs) ratio from 1.6% to 1.3% compared to the previous year. The net NPAs ratio also decreased from 0.4% to 0.3%.
DBS Bank India attributes its robust performance to a combination of factors, including the expansion of its retail and corporate businesses. The bank expresses confidence in maintaining its growth momentum throughout FY24.
Noteworthy highlights of DBS Bank India’s FY23 performance include:
- Net profit surged by 36.52% to Rs 228 crore.
- NII experienced a growth of 19.2% to Rs 3,662 crore.
- Non-interest income increased by 23.3% to Rs 1,545 crore.
- Gross NPAs ratio declined to 1.3%.
- Net NPAs ratio declined to 0.3%.
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The robust performance of DBS Bank India is an encouraging indication for the Indian banking sector, signifying a recovery from the slowdown caused by the pandemic and suggesting positive growth prospects in the years ahead.
