Mumbai-based Development Credit Bank has posted a net loss of Rs 35.27 crore in the first quarter ended June 2009 as against a net profit of Rs 5.44 crore in April-June 2008. It had posted an annual loss of Rs 88.09 crore for the year ended March 2009.
Its gross non performing assets jumped to 10.86 per cent (Rs 363.95 crore) from 2.74 per cent (114.77 crore).Meanwhile, the private sector bank’s board gave nod to raise up to Rs 400 crore through a variety of instruments. It plans to raise up to Rs 100 crore via Tier-II bonds, Rs 100 crore through qualified institutional placement and Rs 200 crore through rights issue.
