Dena Bank Q1 netloss widens to Rs 721.71 crores

8/6/2018

Mumbai, Public Sector Lender Dena Bank has reported a net loss of Rs 721.71 crores for the quarter ended June 30, 2018 as against Rs 132.65 crores for the quarter ended June 30, 2017. Total Income for the quarter ended June 30, 2018 fell by 8.02 percent to Rs 2,410.01 crores as compared to Rs 2,620.28 crores for the quarter ended June 30, 2017,bank said in a filing with BSE. Provisions and contingencies more than doubled to Rs 1,118.75 crore in Q1 this year from Rs 522.48 crore in June quarter last year. Provisions towards non-performing assets (NPAs) rose to Rs 1,244 crore YoY from Rs 435 crore. During the quarter, gross NPAs reduced in absolute terms but deteriorated as a percentage of total loans due to a limited expansion in credit growth. Gross NPA ratio as a percentage of total loans worsened to 22.69 percent from 22.04 percent in March end 2018 and 17.37 percent in June quarter last year. However, in absolute terms, gross NPAs declined to Rs 15,866 crore from Rs 16361 crore in the March quarter and increased from Rs 12,994 crore as on June quarter last year. Net NPA ratio improved to 11.04 percent from 11.95 percent as on March end and 11.22 percent as on June end 2017. NII or net interest income (the difference between interest earned and expended) grew to Rs 742.74 crore, up 10 percent from Rs 675.05 crore a year ago. Non-interest income or other income dropped 32 percent to Rs 161.39 crore in June end 2018 from Rs 237.29 crore in June end 2017. Bank's capital adequacy ratio (CAR) declined to 10.60 percent as on June end 2018 from 11.09 percent as on March 2018 and 11.65 percent as on June end 2017.

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