DCB Bank Share Price Soars After Positive Financial Results in March 2024 Quarter
After the release of the financial results for the March 2024 quarter, several brokerage firms have expressed positive sentiments about DCB Bank shares. The bank has delivered outstanding performance across all fronts in the March 2024 quarter.
DCB Bank’s share price closed at Rs 138.80, up by 1.72% in the last trading session of the week. On Monday, April 29, 2024, the shares were trading at Rs 141.30, up by 1.84%. However, on Tuesday (April 30, 2024), the share price witnessed a slight decline of 1.10% and was trading at Rs 139.
Specialists at brokerage firm Prabhudas Lilladher have given a ‘Buy’ rating to DCB Bank shares with a target price of Rs 180. According to the brokerage firm, there has been an improvement in the bank’s Net Interest Income (NII) and enhancement in the Fee Income and Asset Quality.
DCB Bank’s fee income profile has also shown improvement in the financial year 2023-24. Experts anticipate that the bank’s balance sheet will double in the next 3-4 years. In the financial years 2024-26, the bank’s deposit amount is expected to increase from 17% to 18% at CAGR.
DCB Bank obtained its banking license on May 31, 1995. The bank reported a growth of 9% in net profit to Rs 156 crore in the March 2024 quarter. The Net Interest Income (NII) also increased by 4% to Rs 508 crore.
During the same period last year, the bank recorded a Net Interest Income of Rs 486 crore. The bank’s Net Interest Margin decreased to 3.62%, compared to 4.18% in the previous year.
Recently, DCB Bank approved a proposal to raise Rs 500 crore through equity shares or convertible securities.
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