DCB stock gains 4% on promoter’s plan to invest $10 million

A Board of Directors meetings will be held on December 8, 2023 to consider and evaluate the proposal.

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Shares of DCB Bank on December 5 saw a 4.2 percent increase at the opening, following the announcement that the promoter entity, Aga Khan Fund for Economic Development, has shown interest in investing $10 million. At 9:40 am, the stock was trading at Rs 117.70 apiece.

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In a regulatory filing, DCB Bank said that promoter entity Aga Khan Fund for Economic Development (AKFED) had expressed its
interest to invest up to $10 million by subscribing to additional
equity shares of the Bank, in compliance with applicable laws and regulations.

According to the filing, the purpose of this investment is to further strengthen the Bank’s capital position and support its growth plans. The filing added that the Bank has a capital efficient business model and as on September 30, 2023, the CRAR without including the
corresponding half-year Net Profit was at 16.55  percent.

A board of directors meetings will be held on December 8 to consider and evaluate the proposal.

Also read: Buzzing Stocks: M&M, HCL Tech, MOIL, Max Financial, Honasa, JSW Infra and others in news

In Q2FY24, DCB Bank reported a 13 percent year-on-year growth in profit at Rs 127 crore for quarter ended September 2023, with operating profit rising 15.3 percent YoY to Rs 211 crore and other income up 8 percent at Rs 107 crore. Net interest income for the same period increased by 15.8 percent to Rs 476 crore against the previous fiscal.

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