Dena Bank Q3 net profit up 13%

Public sector lender Dena Bank reported a 13 per cent rise in net profit for the October to December period at Rs. 77 crore as against Rs. 68 crore in the year-ago period, helped by stronger non-interest income, lower provisions and stable loan growth. Sequentially, the profit increased 48 per cent from September quarter’s profit of Rs. 52 crore.

However, bad loans and net interest income worsened during the quarter.

During the quarter, net interest income declined by 8 per cent to Rs. 608 crore from Rs. 661 crore in the same quarter last year.

On the other hand, non-interest income jumped 52 per cent to Rs. 196 crore as compared to Rs. 129 crore in the same quarter last year.

Gross net performing assets (NPAs) worsened to 5.61 per cent (as a percentage of total advances) as on December 31, 2014 as compared to 2.96 per cent as on December 31, 2013. Net NPA ratio stood at 3.97 per cent.

Total advances of the bank grew to Rs. 75,356 crore as on December end, 2014, up 8 per cent from Rs. 69,895 crore as on December end 2013. Deposits increased by 11 per cent to Rs. 1.07 lakh crore.

Shares of Dena Bank ended at Rs. 55.90 per share, 1.82 per cent higher over its previous close on BSE.


Source : Thehindubusinessline