With its eye on growing financial vibrancy and per capita income of city residents, Development Credit Bank (DCB) today inaugurated its new branch here with aim to strengthen retail customer base.
"Vadodara with its growing infrastructure and financial vibrancy, offers a huge opportunity for DCB. Given the city's growing per capita income, we are confident that our innovative financial products will attract many new customers," Murali M Natrajan, Managing Director and CEO of DCB, who inaugurated the new branch here, said.
According to DCB website, it has 80 branches spread across 10 states and 2 union territories besides having presence in 13 cities of Gujarat.
DCB, which recorded net profit of Rs 21.43 crore for the FY11 vis-à-vis a loss of Rs 78.45 crore in FY10, serves close to 1,100 village institutions and six village clusters in Mandvi, Satbara, Netrang, Nasvadi, Dediapada and Umar Pada in Gujarat through its rural banking initiative -- DCB Sahyog.
Informing that the bank has posted 20 per cent overall growth, the CEO said deposits in FY11 grew by 17% to Rs 5,610 crore, while advances grew by 24 per cent to Rs 4,271 crore during the fiscal.
"DCB has experienced deposit and customer growth as a result of the growing prosperity and economic success of Gujarat," Natarajan said.
DCB, whose business segments include retail, SMEs, commodities besides public and private sector, aims at providing financial inclusion to nearly 1.50 lakh households through innovative loan and deposit products in the state.
