Dena Bank profit up 13% at Rs 76.5 crore in Q3

The bank's net profit in the same quarter last year stood at Rs 67.8 crore.

Mumbai: State-run Dena Bank on Friday posted 12.9 percent growth in net profit to Rs 76.5 crore for the third quarter ended December 31, 2014, despite surge in bad loans.

The bank's net profit in the same quarter last year stood at Rs 67.8 crore.

Total income has increased to Rs 2,867.32 crore for the quarter from Rs 2,662.80 crore for the quarter ended December 31, 2013, Dena Bank Chairman and Managing Director Ashwani Kumar said here.

Gross NPAs as a percentage to total advances rose significantly to 5.61 percent from 2.96 percent in the same quarter an year ago.

Its net NPAs went up to 3.97 percent from 2 percent at the end of December 2013.

However, total provisions, excluding for income tax, declined to Rs 241.33 crore as against Rs 382.43 crore in the year-ago period.

During the quarter, total interest income has increased by 5.42 percent to Rs 2,671.11 crore from Rs
2,533.84 crore in the same period a year ago.

Non-interest income was at Rs 196.21 crore as compared to Rs 128.96 crore, an increase of 52.15 percent.

Bank effected cash recovery and upgradation of Rs 274.24 crore compared to Rs 312.16 crore in the corresponding quarter of previous year.

Total business of the bank rose to 1.82 lakh crore as compared to Rs 1.65 lakh crore at the end of December 2013, a growth of 10.3 percent.

The bank is targeting a business growth of 12-14 percent in 2014-15 in line with the present trend in the banking industry, he said.

During the first three quarters of 2014-15, Dena Bank has recorded a decline of 43 percent to Rs 209.65 crore as against Rs 364.38 crore in the year-ago period.

Total income during the period, however, increased to Rs 8,577.12 crore to Rs 8,028.42 crore in the same period a year ago.

Shares of the bank closed at Rs 55.90 per unit, up 1.82 percent on the BSE.