New Delhi, July 01: Dena Bank has reported a 100 per cent jump in net profit for the fourth quarter at Rs 77 crore against Rs 37 crore in the corresponding period last year. For the full year ended March ‘03, the net profit of rose 10 times to Rs 114.3 crore against the turnaround of Rs 11.36 crore reported in ‘01-02. However, the bank refrained from announcing any dividend for the third consecutive year due to huge accumulated losses which stood at Rs 352 crore, down from Rs 407 crore reported in the previous year.

The chairman and managing director, AG Joshi has attributed the jump in net profit to improvement in interest margins, gains from treasury and recovery of NPA. Interest spread rose from 2.5% in March ‘02 to 2.9% in March ‘03 and income from treasury increased from Rs 201 crore to Rs 240 crore. The gross NPA, during the period under review, reduced from Rs 1,996 crore to Rs 1,616 crore.
The share price of the bank opened at Rs 18.90, touched a high of Rs 19.45 and finally closed at Rs 18.70 up from the day’s low of Rs 18.55. However, the results were announced after the close of trading in the stock exchanges. Bureau Report