The Hindu Business Line : Dena Bank Q2 profit rises 34%

Mumbai, Oct. 27 Dena Bank has reported a 34 per cent increase in net profit at Rs 92.15 crore for the quarter ended September 30, 2007, against Rs 68.75 crore in the previous year, buoyed by higher income.

Total income for the quarter increased 27 per cent to Rs 764.49 crore (Rs 658.53 crore) while total expenditure was also up by 29 per cent at Rs 603.73 crore (Rs 467.42 crore).

Non-interest income jumped by 43.5 per cent to Rs 105.96 crore crore from Rs 73.82 crore a year ago

Net interest income, however, grew at just 0.29 per cent to Rs 215.68 crore (Rs 215.06 crore). The bank attributed the slight growth to increased interest expenses on borrowings and term deposits and increased exposure to other investments such as mutual funds and equity.

Gross advances registered a 19.5 per cent growth at Rs 19,591 crore, against Rs 16,394 crore in the previous year. Total deposits were also higher by 20 per cent to Rs 30,172 crore (Rs 25,165 crore).

Net interest margin was lower at 2.95 per cent compared with 3.33 per cent during the corresponding quarter of the previous year.

While the cost of deposits increased to 5.88 per cent (4.93 per cent), the yield on advances also rose to 10.36 per cent (8.71 per cent). The net non-performing assets ratio declined to 1.56 per cent from 2.89 per cent.

Capital adequacy ratio stood lower at 11.47 per cent at the end of the quarter, against 12.01 per cent in the previous year.

More Stories on : Financial Performance | Public Sector Banks

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

Stories in this Section
Powerloom cloth exporters seek dual exchange rate

IndusInd Bank net jumps on higher yield on advances

Dena Bank Q2 profit rises 34%

Bank of Maharashtra drops housing loan rates

ING Vysya Bank aims high in wealth management