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27 Nov 2022, Edition - 2693, Sunday

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Coimbatore

DBS Bank India targets 3x growth in gold loan Portfolio over the next five years

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Coimbatore: DBS Bank India today announced that it aims to grow its gold loan portfolio by 3xin the next five years.DBS Bank India also offers anindustry-leading Fixed Deposit interest rate of 7.25%p.a. for a tenor of 600 daysThe bank’s current gold loan book stands at ~ INR 4500 Cr.DBS Gold Loansenable customers to unlock the value of their gold ornaments and come with an instant disbursal in 30 minutes, an attractive rate per gram, and low-interest rates.Commenting on the bank’s growth in this segment, DBS Bank India Retail Customer Segment Executive Director & Head , Bharath Mani said,“DBS Bank India is well-entrenched in the Indian market, and the advantages of the expanded network across business segments, including products such as gold loans, have started to flow through. We have seen a heightened demand for gold loans among the agrarian community, and 70% ofthe demand is driven from southern India.We aim to grow the gold loan book by 3x to INR 13500 Cr in the next five years. Looking ahead, we will continue to build innovative solutions that cater to a wider customer franchise and empower customers to “Live more, Bank Less.”DBS Bank India offers a range of services for large, medium, and small enterprises and retailcustomers in India. It has also reported an increase in its retail customer base with a strong Current & Savings Account (CASA) balance. The bank is working on its product portfolio, geographical focus, pricing, and customer segmentation. Over the next five years, DBS Bank India aims to scale up its retail and lending business, targeting40% of its overall revenuesfrom large corporates and 60% from its consumer banking and SME business.

The former Lakshmi Vilas Bank amalgamated with DBS Bank India Limited (DBIL) in November 2020. The scheme of amalgamation was under the special powers of the Government of India and Reserve Bank of India under Section 45 of the Banking Regulation Act, 1949, India. The amalgamation has provided the bank with a strong foothold in South India, and it now has a network of~525 branches across 19 states. The integration has focused on four pillars — product and process, systems and technology, and people and brand.

DBS Bank India’s FY22 results reflected the progress on the integration as the bank reported robust growth, recording a net profit of INR 167 Cr in the fiscal. The company’s net revenue grew 11%, and asset quality further improved in FY22, with gross and net NPA ratiosimproving to 9.50% (from 12.93% in FY21) and 1.61% (from 2.83% in FY21), respectively.

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