The Hindu Business Line : Dena Bank net rises 43%

Mumbai, Jan 23 Dena Bank has reported a 43 per cent growth in its Q3 net profit at Rs 101.07 crore, against Rs 70.53 crore in the corresponding quarter of the previous year.

The rise in net profit could be attributed to lower provisioning and increase in interest income in the third quarter.

The provisioning fell to Rs 35 crore, against Rs 116 crore in the corresponding quarter of the previous year.

Mr P.L. Gairola, Chairman and Managing Director, Dena Bank, said the percentage of net NPAs to net advances fell to 1.41 per cent in the third quarter (2.47 per cent).

Net interest income rose by two per cent to Rs 214 crore (Rs 210 crore). However, net interest margin fell to 2.78 per cent, from 3.15 per cent in the previous year.

“The cost of deposits increased while the yield in advances did not grow as much. This resulted in a fall in the net interest margin,” Mr Gairola said.

The cost of deposits increased to six per cent (4.86) while the yield on advances also rose to 10.18 per cent (8.73 per cent).

Operational profit for the quarter declined by 20 per cent to Rs 208 crore (Rs 167 crore). Non–interest income also fell by 23 per cent to Rs 119 crore (Rs 156 crore). The capital adequacy ratio stood lower at 11.26 per cent, against 12.04 per cent in the previous year,

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