DBS unit net profit, NPAs surge post LVB merger

DBS Bank India, the wholly-owned subsidiary of Singapore’s DBS Bank, witnessed a surge in FY21 net profit to ₹312 crore following its merger with the erstwhile Lakshmi Vilas Bank (LVB) but reported a huge spike in dud loans as a result of the amalgamation.

DBS Bank India, which bailed out LVB, had reported a post tax net profit of ₹111 crore in FY20.

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Gross non-performing assets of the combined entity shot up to 12.9%, with a bulk of the strain coming from the erstwhile LVB’s portfolio. The net NPAs stood at 2.83% with a provision coverage ratio of 84%.

The bank’s MD and CEO Surojit Shome acknowledged the pain on the asset quality front and the operating losses and called it as being on ‘expected lines.’

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