Asset quality of the bank deteriorated with the gross non-performing assets (NPA) rising 151 basis points year-on-year (up 88 bps quarter-on-quarter) to 4.21 percent and net NPA increasing by 120 basis points on yearly basis (up 59 bps sequentially) to 2.94 percent in the quarter gone by.
State-controlled lender Dena Bank 's first quarter (April-June) net profit fell 57 percent to Rs 81.5 crore on lower other income and slow growth in net interest income but supported by lower tax cost and flat provisions. The profit in the year-ago period was Rs 189.2 crore.
Net interest income, the difference between interest earned and interest expended, increased marginally to Rs 612 crore in the quarter ended June 2014 from Rs 604.7 crore in corresponding quarter of last fiscal while other income (non-interest income) dropped 60.5 percent to Rs 144.42 crore from Rs 365.51 crore during the same period.
Asset quality of the bank deteriorated with the gross non-performing assets (NPA) rising 151 basis points year-on-year (up 88 bps quarter-on-quarter) to 4.21 percent and net NPA increasing by 120 basis points on yearly basis (up 59 bps sequentially) to 2.94 percent in the quarter gone by.
During the quarter, provisions were unchanged at Rs 228.1 crore on year-on-year basis but the same declined 60 percent compared to Rs 570.3 crore in previous quarter with the provision coverage ratio at 53.96 percent as on June 2014.
Operating expenses of the bank rose by 15.3 percent to Rs 442.63 crore from Rs 384 crore while tax expenses dropped significantly to Rs 4.17 crore in April-June quarter from Rs 168.9 crore in the year-ago period.
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