DBS Bank India Ltd had net profit rose to Rs 312 crore for the year ended March 2021 (FY21), up from Rs 111 crore in FY20. This rise in net profit is despite the impact of the acquisition of ailing private lender Lakshmi Vilas Bank (LBB) in FY21.

DBIL, a subsidiary of Singapore-based DBS, had acquired LVB in FY21. The bank adopted the concessional tax regime, resulting in an additional charge of Rs 184 crore on account of one-time adjustments. The revenues for DBIL grew by 85 per cent to Rs 2,673 crore, including Rs 134 crore from LVB, in FY2021 from Rs 1,444 crore in FY2020.

The asset quality profile came under pressure and gross non-performing assets (NPAs) rose to 12.93 per cent after the amalgamation of LVB in FY21 from 2.6 per cent in March 2020. The net NPA stood rose to 2.83 per cent in March 2021 at 0.47 per cent in March 2020. The provision coverage ratio was 84 per cent at end of March 2021.

The net advances grew to Rs 36,973 crore (including Rs 10,685 crore from LVB) by March 2021 from Rs 19,131 crore a year ago.