DNS Bank experiences higher profits


DNS Bank experiences higher profits*

Dombivli: 2020-21 was a very tough year for the financial sector. However, in spite of such challenging times, DNS Bank has maintained its profitability and earned more profit than the preceding year. Since RBI has now allowed cooperative banks to pay dividend, it will be possible to pay to the shareholders from this profit.

Calibrated control on interest rates, timely decisions regarding investments and record recovery from written off loan accounts have helped the bank achieve this. It has been a result of excellent cooperation & team work of all executives and employees of the bank as well as all other stake holders.

As per the un-audited balance sheet of the bank as on March 31, 2021, the bank has deposits of Rs. 4064/- crore, advances of Rs. 2323/- crore, and investments of Rs. 1313/- crore. The share capital stands at Rs. 146/- crore while the capital adequacy ratio is at satisfactory level of 13%. The gross profit is Rs. 125/- crore and the net profit after making all necessary provisions, is about Rs. 39/- crore.

The bank has launched the "DNS Pay" app which is free of charge. This app can be used to make payments through UPI or QR code and also carry out transactions through your bank accounts at other banks. DNS bank has also started allotting QR codes to its customers so that they can accept payment through other apps.