Dena Bank on Saturday reported a loss of Rs 44.3 crore for the September quarter on account of higher provisions for bad loans. The state-owned lender’s net profit stood at Rs 38.7 crore in the same period last fiscal. Watch What Else is Making News
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Total income of the bank increased to Rs 2,914.1 crore during the quarter, as against Rs 2,872.0 crore in the year-ago period, Dena Bank said in a filing to the stock exchanges.
During the quarter, gross non-performing assets (NPAs) nearly doubled to 13.79 per cent as against 6.89 per cent in the year-earlier period.
Net NPAs too moved up to 8.93 per cent, from 4.65 per cent a year ago.
As a result, provisions for bad loans surged to Rs 542.25 crore, from Rs 283.52 crore in the previous fiscal.