New Delhi, Jul 8 (IANS): DBS Bank India Ltd (DBIL), the wholly-owned subsidiary of DBS Bank, on Thursday announced its net profit for the fiscal ending March 31, 2021 has risen to Rs 312 crore from Rs 111 crore in FY20.

In FY21, the bank's net revenues grew by 85 per cent to Rs 2,673 crore (including Rs 134 crore from the Lakshmi Vilas Bank (LVB).

The results also include the LVB's performance since November 20, 2020, the date when it amalgamated with the DBIL.

The bank's profit before tax rose to Rs 679 crore from Rs 170 crore in FY 2020. This is despite absorbing the LVB's pre-tax losses of Rs 341 crore from November 2020 to March 2021.

The total deposits of the DBIL increased by 44 per cent to Rs 51,501 crore (including Rs 18,823 crore from the LVB). Savings account balances grew by 207 per cent and current account balances grew by 98 per cent Y-o-Y, including the growth on account of the amalgamation. Overall CASA ratio improved to 31 per cent from 19 per cent.

During the year, the bank's net advances grew to Rs 36,973 crore (including Rs 10,685 crore from the LVB).

Its gross NPA remained moderate at 1.83 per cent excluding the LVB portfolio. While gross NPA deteriorated to 12.93 per cent after the amalgamation of LVB, the net NPA for the bank on a combined basis, stands at 2.83 per cent given 84 per cent provision coverage.

DBIL Managing Director and CEO Surojit Shome said: "We have made considerable progress with the integration of Lakshmi Vilas Bank since the amalgamation in November 2020 even with the dislocations due to the second wave of the pandemic. While, as expected, there has been an immediate impact on our financial results due to the high Net NPAs and operating losses at the LVB, we are confident of realising the long-term prospects of the combined franchise. In the erstwhile LVB operations, we have already been able revitalise the gold loans business and grow deposits."

"Our immediate priority is to integrate the operating systems and processes so that we can deliver best-in-class solutions to a wider customer franchise."