DBS surges to record profits in India

DBS Bank India grew its net profits a staggering 164% in what appears to be a payoff for aggressive expansion.

"An enhanced focus on client acquisition across business segments grew the overall customer base by over 55% during the year. Increased cross-sell of cash management and treasury products bolstered income and enabled the bank to deepen client relationships," said DBS in a release.

"Capitalising on its well entrenched Asian franchise, DBS became a leading mobiliser of NRI deposits. Growth was also facilitated by its large presence in Singapore and key markets across Asia," it added. 

DBS noted how it had injected INR 5,085 million into DBS Bank India as additional capital. With this addition, the total capital funds of the bank in India as at 31 March 2012 was over INR 35 billion, making DBS’ operations in India well capitalised to further accelerate its franchise growth.

“We registered encouraging growth with a disciplined execution of our strategy and prudent risk management. Our performance was broad-based with growth across all business lines. The client base expanded and we engaged with them at various levels to understand their requirements and accordingly offer optimal solutions. This enabled us to strengthen relationships and boost our FY2011-12 revenue and profits to new highs," said Sanjiv Bhasin, GM and CEO, DBS Bank India, said:

"India continues to remain a key market for DBS, and an integral part of its Asia strategy," said DBS. The bank now has a total of 12 branches and 40 ATMs, and is the largest Singaporean bank operating in the country.