New Delhi: State-owned Dena Bank on Friday reported widening of its net loss to Rs1,225.42 crore in the March quarter on mounting bad loans and higher provisioning to cover them.

The net loss was Rs575.26 crore in the January-March quarter of 2016-17. Sequentially, the loss widened from Rs380.07 crore in December of 2017-18. The bank reported loss on annual basis as well, the third year in a row due to ballooning non- performing assets (NPAs).

For the entire fiscal, 2017-18, the bank has posted a net loss of Rs1,923.15 crore. In 2016-17, it had reported a net loss of Rs863.63 crore; in 2015-16, it Rs935.32 crore.

It had clocked a net profit of Rs265.48 crore in 2014-15. Dena Bank’s total income in the fourth quarter of last fiscal also came down to Rs2,390.68 crore from Rs2,612.08 crore in the year-ago period. Its interest income was down at Rs2,067.38 crore, as against Rs2,297.11 crore.

Income for the full fiscal also fell to Rs10,095.75 crore, as against Rs11,433.07 crore in 2016-17, the bank said in a regulatory filing. The interest income of the bank also fell during the year to Rs8,932.23 crore, from Rs10,181.67 crore a year ago.

The public sector lender said that its board of directors has not recommended any dividend for 2017-18. Bank’s asset quality has worsened with the gross NPAs hitting a high of 22.4% of the gross advances as on 31 March 2018, from 16.27% as of end-March 2017.

In value terms, the gross NPAs or bad loans rose to Rs16,361.44 crore from Rs12,618.73 crore. Net NPAs were also up at 11.95% (Rs7,838.78 crore) from 10.66% (Rs7,735.12 crore). Thus, the bank parked aside Rs2,150.60 crore as provisioning for bad loans for the March quarter, as against Rs878.18 crore in the year-ago period.

For entire fiscal, the provisioning for bad assets rose to Rs4,281.80 crore, as against Rs2,457.75 crore. Provision coverage ratio stood at 60.20% as on 31 March 2018.

Dena Bank stock closed 0.54% down at Rs18.45 on BSE.