Stock in DCB Bank hit its 52-week high in early morning trade on Thursday, a day after the bank reported better-than-expected results for the quarter ended December 31, 2013.

DCB Bank on Wednesday announced that its net profit jumped 35 per cent to Rs 36 crore and total income grew 26 per cent to Rs 127 crore in third quarter of current financial year over the corresponding quarter of 2012.

Owing to better-than-expected quarterly results, DCB Bank shares gained 3.8 per cent to Rs 58.80 apiece at 9:16 IST on the Bombay Stock Exchange (BSE).

The stock hit a high of Rs 59.85 so far during the day. At one point, the stock hit its 52-week high of Rs 59.85 apiece. On the Bombay Stock Exchange (BSE), so far 2.31 lakh shares exchanged hands in the counter, against average daily volume of around 3.49 lakh shares in the last two weeks.

Mr. Murali M. Natrajan, managing director and CEO of DCB Bank said that the lender managed to contain NPAs in a difficult market but added that there was a need to remain watchful.

Commenting on the quarterly results, Natrajan, "However, we need to continue to be watchful. We are expanding our branch network in a calibrated manner and we hope that the new branches will help us to continue to achieve a diversified portfolio and deposit growth."

As on December 31, DCB Bank's CASA ratio stood at 24.8 per cent, down from 28.87 per cent on the corresponding day of the previous year; while network stood at 115 branches.