Government to infuse capital in IDBI, Bank of Maharashtra and Dena bank

State-owned IDBI Bank, Bank of Maharashtra and Dena Bank will receive a capital infusion from the government in lieu of preferential allotment of shares. IDBI Bank will get Rs 2,500 crore funding from the government, subject to regulatory approvals. Board of directors of the bank at a meeting held today approved proposal to allot preference shares to the government.

“Board of directors of the bank has approved the proposal for preferential issue of capital to government and other financial institutions, if any aggregating up to Rs 2,500 crore,” IDBI Bank said in an exchange filing. IDBI Bank extraordinary general meeting is scheduled for April 27 for obtaining shareholders’ approval to allot preferential shares to the government.

Pune-based Bank of Maharashtra said board of directors will meet on Friday to consider the proposal of raising equity capital by preferential allotment of shares to the government. The bank said it has received communication from the government on March 16 for capital allocation plan of Rs 300 crore.

Dena Bank said in a separate filing to exchange, “We would like to inform you that the Board of Directors of the Bank approved raising of share capital of the Bank up to amount of Rs 800 crore.” The government has approved the second tranche of capital infusion in public sector banks to enhance their capital base.

The first tranche was announced in July with the objective of enhancing their lending operations and enabling them to raise more money from the market. It has already announced a fund infusion of Rs 22,915 crore, out of the Rs 25,000 crore earmarked for 13 PSBs for the current fiscal.

The second round of funding entailing about Rs 8,000 crore is based on strict parameters.



Source : Financial Express

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Government approves second tranche of capital infusion in PSU banks

The government has approved the second tranche of capital infusion in public sector banks to enhance their capital base. In a regulatory filing to the stock exchanges, Dena Bank said it “has received a communication from Government of India vide its letter… dated March 16, 2017 informing inter alia capital allocation of Rs 600 crore as part of turnaround linked infusion plan.” Kolkata-based United Bank of India too said it has received a communication from the central government regarding capital allocation of Rs 418 crore as part of turnaround linked capital infusion plan.

The proposal for allotment of equity shares of face value of Rs 10 each at premium to the President of India acting on behalf of the central government by way of preferential allotment will be taken up at the board meeting at March 27, the bank said.

Dena Bank said “the board approval for raising of capital of the bank through issue of equity shares to Government of India, LIC of India and GIC of India on preferential basis, is being obtained.”

The second round of funding entailing about Rs 8,000 crore is based on strict parameters.

The government has already announced fund infusion of Rs 22,915 crore, out of the Rs 25,000 crore earmarked for 13 PSBs for the current fiscal. Of this, 75 per cent has already been released to them.

The first tranche was announced in July with the objective of enhancing their lending operations and enabling them to raise more money from the market.

Under Indradhanush roadmap announced last year, the government will infuse Rs 70,000 crore in state banks over four years while they will have to raise further Rs 1.1 lakh crore from the markets to meet their capital requirements in line with global risk norms Basel-III.

PSBs are to get Rs 25,000 crore in each fiscal, 2015-16 and 2016-17. Besides, Rs 10,000 crore each would be infused in 2017-18 and 2018-19.

In the Budget 2017-18 speech on February 1, Finance Minister Arun Jaitley announced capital infusion of Rs 10,000 crore for the next fiscal beginning April 1.


Source : Financial Express

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Dena Bank gets board approval to dilute government stake

Public sector lender Dena Bank has got board approval for dilution of government holding to up to 52 per cent and raise capital up to Rs 2,500 crore from various bonds.

"To raise equity capital of the Bank by diluting GOI holding up to 52 per cent, on obtaining necessary approval government," the bank said in a BSE filing.

Government shareholding in the bank was 65 per cent at the end of September 30.

Last year, the government allowed public sector banks to to bring down its stake to 52 per cent so as to meet capital requirement.

As per law, government holding at any moment must not come below 51 per cent to maintain the public sector character of the state-owned banks.

The bank said it has got board approval to raise Additional Tier-1 (AT1) capital up to an amount of Rs 1,500 crore in one or more tranche, in one or more instruments.

It further added that the bank has got board approval to raise Tier 2 capital up to an amount of Rs 1,000 crore in one or more tranche, in one or more instruments.

Shares of the bank closed down 0.80 per cent at Rs 43.45 on the BSE.



Source : Economics Times

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Dena Bank extends loan coverage

Dena Bank has extended the ‘Mudra’ loans, which are essentially meant for funding the unfunded, to 9,128 borrowers amounting to Rs.166.54 crore since the scheme was launched in April 2015, according to Ashwani Kumar, Chairman and Managing Director.

Speaking at the launch of the bank’s Mudra Card, Kumar said the bank plans to arrange Special Credit Camps all over India from September 25 to October 2 to extend Mudra loans.

It has been assigned a target of Rs.605 crore by the Centre for financing under the Pradhan Mantri MUDRA Yojana.


Source : Thehindubusinessline

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Dena Bank, MUDRA Bank ink pact

Government-owned Dena Bank and MUDRA Bank signed a general refinance agreement to finance new entrepreneurs and small businesses. To promote very small businesses, the Centre aims to facilitate credit of up to Rs1 lakh crore under the MUDRA (Micro Units Development and Refinance Agency) scheme during the current financial year. Dena Bank Chairman and MD Ashwani Kumar said the bank has already sensitised its field functionaries towards extending finance under the scheme.


Source : Thehindubusinessline

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KYC norms breach: RBI imposes fine on three banks

Bank of Maharashtra, Dena Bank and Oriental Bank of Commerce have been imposed with a monetary penalty of Rs. 15 crore each by the Reserve Bank of India (RBI) for violation of Know Your Customer (KYC)/ Anti Money Laundering (AML) norms.

“Failure on the part of these banks to take timely remedial measures had aggravated the seriousness of the contraventions and its impact,” RBI said in a release.

The RBI also cautioned eight other banks -- Central Bank of India, Bank of India, Punjab and Sind Bank, Punjab National Bank, State Bank of Bikaner & Jaipur, UCO Bank, Union Bank of India and Vijaya Bank – “to put in place appropriate measures and review them from time to time to ensure strict compliance of KYC requirements in future.

“The penalties have been imposed in exercise of powers vested in the Reserve Bank…taking into account the violations of the instructions/directions/guidelines issued by the Reserve Bank from time to time. This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank and its customers,” the central bank said.

RBI said it received a complaint from a private organisation, on the basis of which a scrutiny of fixed accounts opened in its name in Mumbai based branches of certain public sector banks was undertaken in July 2014.

“With more complaints and involvement of other banks coming to light, a wider thematic review was conducted. In all, 12 branches of 11 Public Sector Banks were covered.

“The scrutiny/thematic review looked into the modus operandi of the alleged frauds involving accounts of certain organisations in these banks, deficiencies/irregularities while opening Fixed Deposits (FD) and extending Overdraft (OD) facility there against them. Besides, the effectiveness of systems and processes in place pertaining to implementation of KYC norms/AML standards in respect of these accounts was also looked into,” the RBI added.

The findings revealed violation of some regulatory guidelines as also other disquieting actions on the part of the banks such as non-adherence to certain KYC norms, monitoring of transactions in customer accounts, RBI’s instructions regarding funds received through Real Time Gross Settlement System (RTGS), opening of FD accounts and granting overdrafts without due diligence or process, weaknesses in the internal control systems, management oversight, use of internal accounts for parking customer funds and involvement of middlemen/intermediaries in opening of accounts as also subsequent operations in those accounts.


Source : Thehindubusinessline

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Dena Bank, LIC tie up for insurance on Aadhar-linked savings A/Cs

Public sector lender Dena Bank has partnered with government-owned LIC (Life Insurance Corporation) of India to provide insurance cover to all Aadhaar-linked savings account holders.

"Under the Prime Minister's Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJBY) scheme, a risk of Rs 2 lakh will be covered in case of death of any reason and a premium sum of Rs 330 per annum will be auto debited to the account holder's account," Dena Bank said in a statement.

The premiums will be reviewed every year.

As per the terms of rush coverage, a person has to opt for the scheme every year. Account holder can also prefer to give a long term option of continuing, in which case his or her account will be auto debited every year by the bank, the statement added.

The scheme provides insurance cover to all Aadhar linked savings account holders in the age group of 18-50 years . After enrollment, coverage will be available up to 55 years of age for existing members.

The scheme will come into effect from June 1, 2015.


Source : Thehindubusinessline

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Dena Bank plans lower price to sell around Rs 500 cr NPAs

State-run lender Dena Bank, which did not receive good response for its non-performing assets (NPA) sale last fiscal, is now planning to auction again but at a lower price.

The bank, which is still fighting high bad loans, had put on auction Rs 400-500 crore of stressed assets in the last quarter for asset reconstruction companies (ARCs).

"We had put on auction our NPAs but were able to sell very minimal amount of bad loans as the prices offered to us were much lower than our reserve price," a senior bank official told PTI.

Out of the Rs 400-500 crore of NPAs, the bank could sell around Rs 30 crore of loans in the auction, he said, adding the bank is looking at remaining assets put on block for sale.

The official said the bank will now again try to sell those bad loans by revising the price.

"We would again put on auction the balance NPAs and will also lower the reserve price," he said.

It could be noted that last August the Reserve Bank had made norms tighter for asset reconstruction companies by asking them to pay upfront 15 per cent of the bid value of non-performing loans, against 5 per cent earlier.

Following this, ARCs were going slow in distressed asset purchases.

Analysts say the RBI regulation has resulted in sharp fall in sale of bad loans by banks to ARCs as they are demanding lower price.

As of December 2014, the mid-sized lender's gross non-performing assets stood at 5.61 per cent, while net NPA was at 3.97 per cent.

Source : Economic Times

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Dena Bank profit up 13% at Rs. 76.5 cr in Q3

State—run Dena Bank today posted 12.9 per cent growth in net profit to Rs. 76.5 crore for the third quarter ended December 31, 2014, despite surge in bad loans.

The bank’s net profit in the same quarter last year stood at Rs. 67.8 crore.

Total income has increased to Rs. 2,867.32 crore for the quarter from Rs. 2,662.80 crore for the quarter ended December 31, 2013, Dena Bank Chairman and Managing Director, Ashwani Kumar said here.

Gross NPAs as a percentage to total advances rose significantly to 5.61 per cent from 2.96 per cent in the same quarter a year ago.

Its net NPAs went up to 3.97 per cent from 2 per cent at the end of December 2013.

However, total provisions, excluding for income tax, declined to Rs. 241.33 crore as against Rs. 382.43 crore in the year—ago period.

During the quarter, total interest income has increased by 5.42 per cent to Rs. 2,671.11 crore from Rs. 2,533.84 crore in the same period a year ago.

Non—interest income was at Rs. 196.21 crore as compared to Rs. 128.96 crore, an increase of 52.15 per cent.

Bank effected cash recovery and upgradation of Rs. 274.24 crore compared to Rs. 312.16 crore in the corresponding quarter of previous year.

Total business of the bank rose to 1.82 lakh crore as compared to Rs. 1.65 lakh crore at the end of December 2013, a growth of 10.3 per cent.

The bank is targeting a business growth of 12—14 per cent in 2014—15 in line with the present trend in the banking industry, he said.

During the first three quarters of 2014—15, Dena Bank has recorded a decline of 43 per cent to Rs. 209.65 crore as against Rs. 364.38 crore in the year—ago period.

Total income during the period, however, increased to Rs. 8,577.12 crore to Rs. 8,028.42 crore in the same period a year ago.

Shares of the bank closed at Rs. 55.90 per unit, up 1.82 per cent on the BSE.


Source : Thehindubusinessline

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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

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Dena Bank net drops 52% to Rs. 51.6 cr

Dena Bank reported a sharp 52 per cent decline in net profit at Rs. 51.58 crore in the second quarter ended September 30, 2014, as against Rs. 107.38 crore in the year ago period.

Net interest income (the difference between interest earned and expended) was flat at Rs. 625 crore.

Other income was up 19 per cent at Rs. 179 crore (Rs 150 crore in the year-ago period).

Year-on-year, bad loans, in gross terms, saw a 96 per cent jump to Rs. 3,861 crore (Rs 1,968 crore).

At 2.30 pm, Dena Bank shares were trading at Rs. 62.10 per share, down 4.09 per cent, on the BSE.


Source : The Hindu

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Dena Bank seeks Rs 1,200 crore fresh capital from government

State-run lender Dena BankBSE -0.24 % has sought Rs 1,200 crore capital infusion from government in the current fiscal, a top bank official has said.

In the interim Budget, the government had earmarked Rs 11,200 crore for capital infusion in public sector banks during 2014-15 and the new government has ruled out allocating more funds this fiscal for banks.

"We have asked for Rs 1,200 crore capital from the government but how much we will get we don't know," bank's executive director R K Takkar said.

The bank's total capital adequacy ratio stands at 11.14 per cent while the tier-I capital adequacy ratio stands at 7.43 per cent.

Last year, the government had infused Rs 700 crore into the Mumbai-based mid-sized lender as part of the overall Rs 14,000-crore recapitalisation of state-run banks.

In FY14, the bank deferred its plan to raise nearly Rs 570 crore through qualified institutional placement, owing to the weak market condition.

Takkar said that once the bank gets funds from the government, it may look at raising funds from other options such as a rights issue, qualified institutional placement, Esops or through tier II bonds.

"Currently, the government's holding in the bank is 58 per cent. Once the fresh capital comes in their share will increase to over 65 per cent and we will also have more room to raise funds," Takkar added.

Dena Bank had posted a net profit of Rs 187.28 crore for the March quarter up from Rs 125.67 crore a year ago.

Source: Economic Times

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Every bank branch to have ATM by March this year: Minister

Describing UPA-II government's focus on inclusive growth in the banking sector as a mission, Union Minister of State for Finance Namo Narayan Meena today said every old bank branch should have ATM facility by the end of current fiscal.

Every new bank was now providing ATM facility while opening its branches despite some problem in availability of these machines, Meena said after inaugurating the regional office of Dena Bank here.

Not only on site, but also off site the ATM should be opened at the busy places like colleges, universities, malls, and markets so that people can be connected with banking facilities, Meena said.

Comparing telephony density with banking, the Minister said: "While there are about 90 crore cellular phone users now, 50 per cent of people in the country do not have bank accounts. But ....payment of every penny from the government is being made through banks to beneficiaries".

Financial empowerment, infrastructure development and expansion of banking sector would enable control poverty and knit India, he said adding there were 8500 branches in 1969 when former Prime Minister Indira Gandhi had nationalised the banks.

The number of branches in the country has now gone up to one lakh, he said.

As per UPA-II plans, one out of nine Mahila Bank branches would be opened in Jaipur by March 31, 2014, and if the state government provides a building, Mahila Bank can be opened even in two days, Meena added.

UPA-II's policy is "Gaon ko joriye, gaon mein bank kholiye (knit village, open banks in village), he said.

Speaking on the occasion, Dena Bank CMD Ashwani Kumar said ten new branches would be opened in Rajasthan during 2013-14 and 15 in the next fiscal including 25 per cent in rural areas.

Dena Bank in Rajasthan made a business growth of 20 per cent so far with a business of Rs 2,400 crore in current financial year and aims to reach Rs 3,300 crore in next fiscal.

Kumar said he would hold meetings with management to raise this business to Rs 5,000 crore in the coming years in the state.

As on December 31, 2013, Dena Bank's combined (mixed) business was at Rs 1,65,976 crore. This included Rs 96,081 crore deposits and Rs 69,895 crore advances, he said.

He said Dena Bank had recently opened its branch in London.


Source: Economic Times

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Dena Bank Q3 profit down 67 pct to Rs 67.80 cr on higher provisioning

Public sector lender Dena Bank reported a 67 per cent decline in net profit at Rs 67.80 crore for the quarter ended December 31 on account of higher provisioning.

The bank's profit after tax stood at Rs 206 crore in the corresponding quarter last year.

"Profitability is under stress due to higher provisioning," the bank's Chairman and Managing Director Ashwani Kumar told reporters here.

The bank's provisions increased to Rs 382.43 crore in the October-December quarter as against Rs 156.59 crore last year.

The bank's net interest margin (NIM) stood at 2.66 per cent in the quarter as against 2.88 per cent.

"We expect our NIM to be in the range of 2.75-3 per cent by March 2014," Kumar said.

Net Interest Income (NII) for the quarter was Rs 660.89 crore, a growth of 7.48 per cent, compared to Rs 614.90 crore in the same quarter last year.

The bank's asset quality deteriorated in the quarter with gross NPA increasing to 2.96 per cent from 2.09 per cent in the year ago quarter. Net NPA ratio rose to 2 per cent from 1.31 per cent in the same period last year.

In absolute terms, gross NPA has increased from Rs 1,317 crore to Rs 2,066 crore in the third quarter ended December 31, while net NPA increased from Rs 817 crore to Rs 1,379 crore.

Provision coverage ratio for the quarter was at 63.92 per cent. In the quarter under review, the bank's provisioning for non-performing assets was Rs 124 crore while for restructured assets it was Rs 53 crore, Kumar said.

The bank saw fresh slippages of Rs 503 crore during the quarter. One of the large accounts which became NPA was SEL worth Rs 99 crore, Kumar said.

The bank upgraded Rs 400 crore of bad loans in the quarter. The state-owned bank restructured Rs 552 crore of assets in the December quarter and has a pipeline of Rs 600 crore in the current quarter, Kumar said. Total business of the bank stood at Rs 1,65,976 crore as compared to Rs 1,47,922 crore.

While deposits of the bank increased to Rs 96,081 crore as on December 31 from Rs 84,882 crore last year, recording a growth of 13.19 per cent; advances increased to Rs 69,895 crore from Rs 63,041 crore, showing a growth of 10.87 per cent. Credit deposit ratio stood at 72.75 per cent.

The bank expects a credit growth of 17 per cent and deposit growth of 14-15 per cent by March-end.

Meanwhile, the public sector lender today launched a new term deposit 'Dena-444' with maturity of 444 days for retail customers, which will offer an interest rate of 9.15 per cent to general public and 9.65 per cent for senior citizens.


Source: Financial Express

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Dena Bank Q2 net down 55% to Rs 107 cr on higher provisions

Public sector lender Dena Bank reported a 55.19 per cent decline in net profit at Rs 107.38 crore for the quarter ended September 30, 2013 on account of higher provisions. The bank’s profit after tax stood at Rs 239.64 crore in the corresponding quarter last year.

“The profit has come down mainly on account of higher provisions, which we had to provide for treasury and restructuring and NPA advances,” the bank’s Chairman and Managing Director Ashwani Kumar told reporters here.

The bank’s provisions increased to Rs 266 crore in the second quarter as against Rs 197 crore in the last quarter.

For the half year, it has gone up by Rs 242 crore to Rs 659 crore from Rs 417 crore, Kumar said.

The bank exercised the option of providing the net depreciation on the entire Available for Sale (AFS) and Held for Trade (HFT) categories of government bonds portfolio in three equal instalments.

“Accordingly, provision to the extent of Rs 129 crore has been made against the net depreciation of Rs 387 crore on the entire AFS and HFT investment portfolio as on September 30,” the bank said.

The bank transferred Rs 1,600 crore of SLR securities to Held to Maturity category during the quarter, Kumar said.

The net interest income stood at Rs 625.17 crore as against Rs 597.23 crore in the same period last year.

Gross non performing assets of the bank increased to 3 per cent during the quarter from 1.97 per cent year—ago.

Net NPA rose to 2.02 per cent from 1.74 per cent.

The bank had fresh slippages of Rs 485 crore on three major loan accounts. “There were three large NPA accounts — Rs 200 crore from Delhi Airport Metro Express, Rs 100 crore from an European project and Rs 38 crore from KMP Expressway,” Kumar said.

The state—owned bank restructured Rs 490 crore of loans in the quarter.

Among the major accounts, the bank restructured loan amount of Rs 156 crore of Jyoti Ltd, Rs 100 crore of Bombay Rayon and Rs 35 crore of Rathi Steel and Power.

“We have a restructuring pipeline of Rs 500 crore in the current quarter,” Kumar said.

In the period under review, the bank’s net interest margin (NIM) stood at 2.57 per cent as against 2.86 per cent in the same period last year.

“We expect our NIM to be in the range of 2.75 per cent by March 2014,” Kumar said.

The bank’s total business increased by Rs 16,375 crore with a growth of 11.45 per cent year—on—year basis and stood at Rs 1,59,333 crore as against Rs 1,42,958 core in the year—ago quarter.

The bank’s deposits have increased by 12 per cent to Rs 93,669 crore in the quarter. Total advances in the quarter grew by 11 per cent to Rs 65,664 crore. The credit deposit ratio stood at 70.10 per cent.

Source: thehindubusinessline

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Dena Bank slashes interest rate on tractor financing

After reducing interest rate on retail loans, public sector lender Dena Bank has decided to offer tractor financing at base rate to farmers to improve agriculture lending this festive season.

In addition, the bank also waived off the processing fee on tractor finance.The bank will now offer the tractor loans at base rate of 10.25 per cent up to Rs 100 lakh.

The revised rate of interest will be effective from October 12, 2013 to March 31, 2014.

Last week, the bank cut interest rates on home loan and auto loans.

Source: thehindubusinessline

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Dena Bank cuts interest rates on home, car loans

Public sector lender Dena Bank reduced interest rates on various retail loans including home and car loans.

The bank will provide home loan at base rate, which is at 10.25 per cent for up to Rs 100 lakh and 10.50 per cent for home loan above Rs 100 lakh.

The interest rates on car loan also have been reduced by 100 basis points to 11 per cent from 12 per cent.

Similarly, for consumer loan, in case of tie-up under Corporate Salary Scheme rate of interest has been reduced by 100 basis points to 12 per cent from 13 per cent.

On a combo loan of car loan with home loan will be offered at 10.25 per cent up to the limit of Rs 100 lakh and at 10.50 per cent above Rs 100 lakh.

Dena bank will also offer a combo loan of car loan and consumer durable loan with home loan. The bank’s offer on consumer durable loan along with home loan will be at 11.75 per cent.

beena.parmar@thehindu.co.in

Source: thehindubusinessline

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Four GMs elevated as Executive Directors in PSBs

The Centre has elevated four General Managers in various public sector banks to the post of executive directors.

B.S.Rama Rao, who was General Manager at Andhra Bank, has been appointed as Executive Director at Vijaya Bank.

The Centre has appointed Mahesh Kumar Jain, who was General Manager at Syndicate Bank, as Executive Director of Indian Bank.

Atul Agarwal, who was General Manager at Central Bank of India, has been appointed as executive director of Indian Overseas Bank.

All these appointments will come into effect immediately.

R.K.Takkar, who was General Manager at Oriental Bank of Commerce, has been appointed as executive director at Dena Bank.

He will assume charge of his new role in February next year.

srivats.kr@thehindu.co.in

Source: thehindubusinessline

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Dena Bank net declines 21% to Rs 189 cr

State-owned Dena Bank has reported a 21 per cent decline in net profit at Rs 189.20 crore for the first quarter ended June 30, 2013.

The bank had earned a net profit of Rs 238.63 crore during April-June quarter of 2011-12, Dena Bank informed the BSE.

Total income rose to Rs 2,765.68 crore from Rs 2,278.85 crore.

As of June 30, 2013, Dena Bank’s portfolio quality deteriorated, with gross non-performing assets (NPAs) rising to 2.7 per cent of gross advances against 1.80 per cent in the same quarter of the previous fiscal.

Its net non-performing assets also rose to 1.74 per cent from 1.01 per cent. The bank’s capital adequacy ratio as of June 30, 2013 stood at 11.12 per cent.

Source: thehindubusinessline

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Dena Bank pays Rs 90-cr dividend

Dena Bank has paid a dividend of Rs 90.89 crore to the Union Government towards dividend for financial year 2012-13.

This public sector lender had declared a dividend of 47 per cent (Rs 4.70 per share of Rs 10 each) for the financial year 2012-13.

The dividend warrant of Rs 90.89 crore was handed to the Finance Minister P. Chidambaram by the bank’s Chairman and Managing Director Ashwani Kumar at the North Block on Tuesday.

Namo Narain Meena, Minister of State for Finance, was present on the occasion.

Dena Bank had paid dividend of Rs 58 crore (Rs 3 per share of Rs 10 each) to the Centre for the financial year 2011-12.

Source: thehindubusinessline

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