DCB slumps post earnings

Given the kind of earnings it reported for Q1FY20, one would have expected DCB Bank to jump to the top gainers list but instead, profit booking post the earnings and some worry on asset quality has pushed the stock to lead the top losers.

The stock opened at Rs.222, down over 7%, going down further to hit an intraday low at Rs.205.30, a decline of over 14%.

Net Interest Income for the first quarter rose 12% (YoY) at Rs.305 crore and operating profit came in at Rs.166 crore, up 18%. Net profit was at Rs.81 crore, up 17%.

On the asset quality front, Gross NPA rose to 1.96% v/s 1.84% (QoQ) and Net NPA too showed a rise from 0.65% to 0.81%.

Provisions during the quarter rose 22% (YoY) at Rs.41 crore v/s Rs.35 crore (QoQ).