New Delhi: State-owned Dena Bank today reported 70 percent decline in net profit for the fourth quarter ended March 31 at Rs 55.82 crore as the bank set aside a substantial amount towards wage revision and unhedged foreign currency exposure.
The bank had posted a net profit of Rs 187.28 crore in the corresponding January-March quarter of 2013-14.
Total income during the quarter rose to Rs 2,907.69 crore from Rs 2,866.78 crore in the year-ago period, it said in a BSE filing.
However, asset quality slipped with gross non-performing assets (NPAs) or bad loans rising to 5.45 percent of gross advances in Q4 FY15 from 3.33 percent a year ago.
Net NPAs too grew to 3.82 percent of net advances as against 2.35 percent in similar quarter of previous fiscal.
On yearly basis, the bank registered net profit of Rs 265.48 crore for the year ended March 2015 as compared to Rs 551.66 crore for the year ended March 2014.
Total income increased from Rs 10,895.2 crore for the year ended March 2014 to Rs 11,484.82 crore for the year ended March 2015.
The bank made provisions of Rs 59.85 crore towards wage revision during the year while the aggregate provision up to March 31, 2015 stands at Rs 195.85 crore.
Also, it had to provide for an incremental provisioning of Rs 11.84 crore and an incremental capital requirement of Rs 169.94 crore towards unhedged foreign currency exposure during the year.
Dena Bank shares closed 2.88 percent up at Rs 51.85 apiece on the BSE.