Dena Bank posts Q2 net loss Rs 44.32 crore
- Speeding up plans to cut emissions may save 153 million lives, says study
- Can hashgraph unseat blockchain as the favoured tech for cryptocurrencies?
- FDA-like agency needed for agriculture: commerce ministry
- Raju Shetti offers support to Congress over farmers’ issues
- Pharma firms under scanner for selling drugs without safety trials
Mumbai: Dena Bank on Saturday reported a net loss in the September quarter due to higher provisions against the bad loans. However, the loss was restricted due to higher other income and a tax write back.
This was the fourth consecutive quarter when the bank reported a net loss. The bank reported a net loss of Rs 44.32 crore in the quarter from a net profit of Rs 38.76 crore a year ago.
Other income increased 38.79% to Rs306.77 crore from Rs221.03 crore a quarter ago. On year on year basis, other income jumped 60% from Rs191.76 crore. The bank reported a tax write back of Rs107.59 crore against Rs39.45 crore a year ago.
Net interest income (NII), or the core income a bank earns by giving loans, rose marginally 2.2% to Rs671.49 crore in the September quarter from Rs656.90 crore last year. A quarter ago, the bank reported 8.15% rise in NII from Rs620.88 crore.
Gross non-performing assets (NPAs) at Dena Bank rose 12.33% to Rs10824.50 crore at the end of the September quarter from Rs9636.32 crore in the June quarter. On a year-on-year basis, gross NPAs jumped 104.91% from Rs5282.62 crore. As a percentage of total loans, gross NPAs stood at 13.79% at the end of the September quarter as compared to 11.88% in the previous quarter and 6.84% in the year-ago quarter.
Provisions and contingencies fell 18.68% to Rs542.25 crore in the quarter from Rs666.85 crore a quarter ago. On a year-on-year basis, provisions jumped 91.26% from Rs283.52 crore. Net NPAs were at 8.93% in the September quarter compared to 7.65% in the previous quarter and 4.65% in the same quarter last year.
Total deposit rose 5.23% from a year ago to Rs11,199 crore while total advances fell 1.3% to Rs7,419 crore.
On Friday, Dena Bank ended at Rs36.20 on BSE, down 2.16% from previous close while India’s benchmark Sensex Index fell 0.57% to closed at 27274.15 points.