Dena Bank Q1 net up 22.89 pc at Rs 68.30 cr for Q1

Mumbai, Jul 28 (UNI) Dena Bank today said its net profit has rallied 22.89 per cent to Rs 68.30 crore for the first quarter ended June 2008 as compared to Rs 55.58 crore for the corresponding period, a year ago.

Talking to reporters here today, the Bank MD Mr Goirola said that the quarter profit declined by 1.40 per cent (YoY), basis from Rs 140.09 crore for the corresponding quarter in the previous year to Rs 124.12 crore for the quarter ended June, 2008.

The Bank plans to open 26 new branches and 12 Retail Asset Centres during the current year. 342 more branches are planned to be rolled out under CBS during FT 2008-09 thus covering 74 per cent of the bank's business, 108 off-site ATM's are planned to be installed during the current year.

He said the Capital Adequacy Ratio (CAR), stood at 11.27 per cent despite increase in total risk weighted assests by 28.53 per cent vis-a-vis June 2007, tier one capital increased by Rs 473.31 crore and stood at Rs 1609.36 crore as compared to Rs 1136.05 crore and tier one CRAR also improved by 66 bps up from 6.44 per cent as of June 07 to 7.10 per cent as at the end of the quarter under review.

Non Performance Asset (NPA) amount of the bank declined by 24.08 per cent to Rs 570.03 crore as at the end of the quarter as compared to Rs 750.84 crore as on June 07. The gross NPA Ratio declined by 164 bps from 4.11 per cent as on june 07 to 2.47 per cent as at the end of the quarter under review and net NPA amount declined by 30.80 per cent to Rs 256.18 crore.

The Bank has surged ahead with the expansion of coverage under its Dena Garima (CBS) project by rolling out 93 additional branches during the quarter, taking total no of CBS branches to 201 spread over 64 centers and 24 states and union territories, he added.

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