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Our Bureau

Thiruvananthapuram, July 28 Dena Bank has recorded a rise of 22.89 per cent in net profit to Rs 68.30 crore during the first quarter as per unaudited financial results released on Monday.

Total deposits increased by 23.82 to Rs 34,631 crore against Rs 27,968 crore as in June last year. Aggregate deposits recorded a higher growth of 23.85 per cent. Low-cost deposits constituted 41.09 per cent of these.

Interest expenditure on deposits increased by 36.29 per cent to Rs 518.08 crore mainly due to prevailing higher interest rates. Net interest income posted a growth of 0.86 per cent; the growth remained subdued mainly due to increased interest expenses and increased exposure to other investments.

Non-interest income decreased by 19.33 per cent to Rs.66.94 crore due mainly due to `lack of opportunity to earn profit on investment portfolio.’ Yield on investments decreased by 85 bps to 6.95 per cent against 7.80 per cent previously.

Cost of deposits went up by 62 bps and stood at 6.19 per cent as compared to 5.57 per cent earlier in what was attributed to prevailing market conditions. Retail credit increased by Rs 855 crore to Rs 4,167 crore, representing a growth of 25.84 per cent. Retail credit constituted 18.04 per cent of the gross credit.

Provisions for NPAs improved and stood at 54.11 per cent against 50.01 per cent last year.

The bank has provided debt waiver relief to 68,881 farmers amounting to Rs 143.84 crore.

More Stories on : Financial Performance | Public Sector Banks

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