MUMBAI (CU)_THE COVID-19 pandemic severely affected many industries across almost every economy, with factories and branches shutting down and employees being laid off. Nevertheless, during the financial year ended 31 March, the India branches of a top German investment bank reported a 48 per cent rise in net profits from the previous year.
According to recent data issued by Deutsche Bank AG, its branches in the South Asian nation posted a profit of ₹15.27 billion after tax, a significant growth driven by consistent performance across all its businesses in the country, while a strong cost and risk discipline also provided a crucial support as well. Accordingly, profit before tax during the period escalated to ₹27.39 billion amounting to a growth of over 38 per cent. In terms of capital deployed in its branches in India, this figure stood at ₹193.45 billion, amounting to an increase of ₹33.26 billion aimed at supporting growth across all business lines. This meant that during the fiscal year, Deutsche Bank India’s capital adequacy ratio was at 17.28 per cent.
“The last financial year was hugely challenging by any measure but by staying close to our clients and supporting them with their liquidity and risk requirements, the teams at Deutsche Bank once again demonstrated their resilience and dedication,” Deutsche Bank India’s chief executive, Kaushik Shaparia, said.
In FY21, the bank’s total assets also increased, by a notable 7 per cent to ₹1.29 trillion. Total deposits escalated to ₹66,224, amounting to a growth of 11 per cent, while total advances during the period grew by 3 per cent to ₹52,438.
These financial results were reported from the 17 branches of Deutsche Bank AG in India and does not include figures of other entities of the Deutsche Bank Group in the country.
