The Hindu Business Line : Non-interest income drives Dena Bank’s Q4 net up

Mumbai, April 30 Aided by a rise in non-interest income and reversed provisions, Dena Bank’s net profit has more than doubled to Rs 110.99 crore in the fourth quarter of 2007-08, against Rs 43.80 crore in the previous year.

Mr P.L. Gairola, Chairman and Managing director, Dena Bank, said that a writeback of tax provisions on investment and an increase in other income helped the bank register a strong growth in net profit.

Non-interest income rose 44 per cent to Rs 143.74 crore, against Rs 99.75 crore in the previous year. Other income came from the sale of securities, foreign exchange income and the sale of property in Mumbai, Mr Gairola said.

Net interest income increased by 2.29 per cent to Rs 238.25 crore (Rs 232.91 crore). Total income rose by 29 per cent to Rs 882.98 crore (Rs 684.23 crore) and the total expenses increased 32.82 per cent to Rs 664.05 crore (Rs 499.97 crore).

Mr Gairola said the bank planned to raise around Rs 450-500 crore of capital in the current financial year. “We can raise capital through perpetual bonds or even a preferential issue,” he said.

Dena Bank reported a 78 per cent increase in net profit for the fiscal 2007-08 at Rs 359.79 crore.

More Stories on : Financial Performance | Public Sector Banks

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Morbid fascination for convolution

Sharp depreciation in rupee

‘RBI strikes fine balance’

Credit Policy brings some relief to real estate sector

Higher interest income buoys HDFC Q4 net

Bank of India net rises 69% on all-round growth

Bank of Maharashtra braves odds to post 21% rise in net

Non-interest income drives Dena Bank’s Q4 net up

LIC Housing Finance chief

‘Interest rates may harden’

Travel credit card

K. V. Kamath is new CII President