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Dena Bank has managed to bring down its net loss substantially to ₹178 crore in the third quarter ended December 31, 2018, on the back of a sharp reduction in its loan-loss provision burden and improved other income.
The public sector bank, which is under the Prompt Corrective Action (PAC) Framework of the Reserve Bank India (RBI) and in the midst of a three-way merger with Bank of Baroda (BOB) and Vijaya Bank, had reported a net loss of ₹417 crore in the preceding quarter. In Q3 FY18, it had posted a net loss of ₹380 crore.
The bank’s net interest income (the difference between interest earned and interest expended) in the reporting quarter was down about 10 per cent year-on-year (YoY) to ₹631 crore in the reporting quarter. Other income was up 11 per cent YoY at ₹240 crore.
Loan-loss provisions declined 50 per cent YoY to ₹520 crore. Gross non-performing assets (GNPAs) came down by ₹3,142 crore to stand at ₹12,998 crore.
Gross Non-Performing Assets (GNPAs) declined to 19.77 per cent of gross advances in Q3 FY19, against 23.64 per cent as at Q2 FY19.
The bank’s total deposits decreased about 4 per cent YoY to ₹1,01,247 crore as at December-end 2018. Gross advances declined about 9 per cent YoY to ₹65,734 crore.
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