DBS Bank India reports Rs. 167-crore FY22 profit

DBS Bank India reported a profit after tax of Rs 167 crore in 2021-22, with firm performance in corporate and retail banking segments leading to an 11 per cent on-year rise in net revenues, the lender said.

The bank, which is a wholly-owned subsidiary of DBS Bank, acknowledged the lagged effects of its amalgamation with Lakshmi Vilas Bank on its net profit.

“FY22 PAT (profit after tax) stood at Rs 167 crore despite the increased annual pre-tax drag from the erstwhile Lakshmi Vilas Bank at Rs 669 crore in FY22 compared to Rs 341 crore in FY21, where the impact was only for four months,” DBS Bank said.

After being put under a 30-day moratorium by the Reserve Bank of India, Lakshmi Vilas Bank was merged with DBS Bank India in November 2020.