Published June 20, 2009

DBS Bank India profit quadruples

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DBS Bank India has achieved a net profit of 2.59 billion Indian rupees (S$78.3 million) for the year ended March 31, 2009 - almost four times the preceding year's 650 million rupees.

Revenue soared to about 6.17 billion rupees from 2.07 billion rupees. This was on the back of strong performances across all units of the bank.

With a net worth of 13.85 billion rupees and capital adequacy ratio of 15.70 per cent as at March 31, 2009, DBS's operations in India are well-capitalised.

During the year, DBS also brought in two tranches of subordinated debt capital (Tier 2) to facilitate business expansion.

Sanjiv Bhasin, DBS Bank India GM and CEO, said: 'It was a year of challenges for corporates and low credit growth in India. We registered an impressive top line and bottom line growth despite an adverse economic environment by expanding our client base and engaging with them at various levels to understand their requirements and accordingly offer optimal solutions.'

DBS Bank India is the first and the largest Singapore bank in India with branches across 10 cities, including New Delhi and Chennai. This is in line with DBS's regional expansion plans. 'We are committed to building a universal banking franchise in India, and hope to work with the regulators to further expand our branch footprint,' Mr Bhasin added.