The Hindu : Business : Development Credit Bank set to expand in South

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Friday, Sep 21, 2007
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Development Credit Bank set to expand in South

Special Correspondent

BANGALORE: Development Credit Bank (DCB), having made a turnaround with a modest profit of Rs. 5.70 crore in the first quarter of 2007, is set to expand its presence in the South, till now mostly concentrated in Andhra Pradesh.

Speaking to reporters after inaugurating the bank’s fourth branch in Bangalore, Managing Director and CEO, Gautam Vir, said “Our IP earlier this calendar year netted us Rs. 190 crore and we recently received fresh capital infusion of Rs. 280 crore from various investors, including the Tatas, the Royal Family of Abu Dhabi and Lehmann Brothers, Mauritius. The net worth of DCB now stands at Rs. 570 crore and NPAs have come down from 4.5 per cent to 1.58 per cent this quarter”.

DCB is increasingly looking at expanding its presence in the South, going beyond the larger cities like Bangalore and Chennai to smaller but business-rich cities such as Coimbatore, Tirupur, Salem and Mysore, Mr. Vir said. “We will look at growing our business with mid-sized enterprises with a capital base of Rs. 500 crore and below along with retail products. Bangalore itself is promising because of its high income levels.

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