November 6, 2016 1:41:24 am
Dena Bank on Saturday reported a loss of Rs 44.32 crore for the September quarter on account of higher provisions for bad loans. The state-owned lender’s net profit stood at Rs 38.76 crore in the same period last fiscal.
Total income of the bank increased to Rs 2,914.13 crore during the quarter as against Rs 2,872.0 crore in the year-ago period, up merely 1.5 per cent, Dena Bank said in a filing to the stock exchanges. The topline would have been even lower had there not been a 60 per cent rise in other income at Rs 306.77 crore.
Dena Bank’s net interest income (NII), which is the difference between interest earned and interest expended, remained nearly flat y-o-y at Rs 671.49 crore. The lender also reported a weakening of its asset quality on y-o-y basis as well as on a sequential basis. Gross non-performing loans—as a percentage of total loans —increased by as much as 695 basis points year-on-year to 13.79 per cent, while net NPA shot up 428 bps over the same period to 8.93 per cent.
Sequentially, the increase in gross and net NPA came in at 191 bps and 128 bps, respectively. In absolute terms, the bank reported gross non-performing loans of Rs 10,824.50 crore and net non-performing loans of Rs 6,623.00 crore.
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