Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Companies / Company-results/  Dena Bank posts Q2 net loss 44.32 crore
BackBack

Dena Bank posts Q2 net loss ₹44.32 crore

Dena Bank's gross non-performing assets (NPAs) rose 12.33% to Rs10824.50 crore at the end of the Sept quarter against Rs9636.32 crore in the June quarter

On a year-on-year basis, gross NPAs jumped 104.91% from Rs5282.62 crore. Photo: Ramesh Pathania/MintPremium
On a year-on-year basis, gross NPAs jumped 104.91% from Rs5282.62 crore. Photo: Ramesh Pathania/Mint

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 44.32 crore in the quarter from a net profit of 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.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 05 Nov 2016, 04:00 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App

Chat with MintGenie