Private-sector lender Development Credit Bank announced that it has posted a net loss of Rs 2.9 crore first quarter of the fiscal year 2010-11. The company has also informed that this time it has managed to reduce the loss figure to almost Rs 3 crore while last year the net loss was Rs 35.3 crore for the same period of time. 

According to a top official of the company, the ongoing business restructuring plan has done the trick for the firm and it has produced a better show this time.

The total advances of the bank were reported to be at Rs 3,479 crore at the end of the quarter that ended on the 30th of June this year. For the like period last year, it was Rs 3,103 crore. Hence there has been a remarkable profit in this quarter against last year's record.

Moreover, there has been an improvement in the deposits of the bank and it was stood at Rs 5,115 crore. The company is anticipating18-20% loan growth and 20% of the deposit growth in the current year.