The Hindu Business Line : Dena Bank Q4 net loss at Rs 39 cr

DENA Bank recorded a net loss of Rs 39.20 crore for the fourth quarter ended March 31, against a net profit of Rs 58.39 crore in the year-ago period due to fall in profits on sale of Government securities and provision for wage revision.

Total income for the same period was Rs 493.07 crore (Rs 619.01 crore). Net interest income was Rs 188.46 crore (Rs 142.35 crore)

For the financial year 2004-05, Dena Bank posted a profit of Rs 61 crore (Rs 230.5 crore).

Net interest income was Rs 686.59 crore, up 10.26 per cent (Rs 592.27 crore). Capital adequacy ratio rose to 11.91 per cent from 9.48 per cent. Net NPAs fell to 5.23 per cent of net advances (9.40 per cent).

The net interest margin increased from 2.94 per cent to 3.08 per cent. Earning per share was Rs 2.82 (Rs 11.14).

The profit on sale of investment fell by 73.31 per cent to Rs 117.80 crore (Rs 441.31 crore) for the year. Mr M.V. Nair, Executive Director, Dena Bank, said, "In the last quarter, we made provision for wage revision and transferred Rs 1,500 crore securities from the allowed for sale category to held to maturity category. That is reflected in the loss in the fourth quarter."

The bank shifted 15 per cent of the securities held under the SLR to the HTM category and may shift more to shield from market risk, he added.

Mr M.G. Sanghvi, General Manager, said, "We took a hit of Rs 69 crore on transfer of securities and Rs 8 crore on amortisation."

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