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Today Date : Wednesday, December 07, 2022

DBS Bank targets 3 times growth in gold loan portfolio

DBS Bank targets 3 times growth in gold loan portfolio

DBS Bank India targeted to increase its gold loan portfolio by 3 times in the next five years.DBS Bank India also offers an industry-leading Fixed Deposit interest rate of 7.25% p.a. for  600 days. The bank’s current gold loan is Rs 4500 Cr. Commenting on the bank’s growth in this segment,  DBS Bank India Retail Customer Segment Executive Director & Head , Bharath Mani said,“ We have seen a heightened demand for gold loans among the agrarian community, and 70% ofthe demand is driven from southern India.

DBS Bank India

We aim to grow the gold loan book by 3x to INR 13500 Cr in the next five years. Over the next five years, DBS Bank India aims to scale up its retail and lending business, targeting 40% of its overall revenues from large corporates and 60% from its consumer banking and SME business.Lakshmi Vilas Bank was amalgamated with DBS Bank India Limited (DBIL) in November 2020. 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. 

DBS Bank India’s FY22 results reflected the progress on the integration as the bank reported robust growth, recording a net profit of Rs 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.