Dena Bank posts Net Profit up by 15.84 pc at Rs 171 cr for Q2

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Mumbai, Oct 23 (UNI) Dena Bank has posted a net profit of Rs 171.13 crore at the end of the second quarter (Q2), largely due to a robust growth of 15.84 per cent in net interest income, the Bank Chairman and Managing Director P L Goirola said today.

Speaking to newspersons here, after announcing the Bank's financial performance for the half-year ended on September 30 this year, Mr Goirola said the operating profit for the quarter decreased by 7.18 per cent for year on year basis, down from Rs 160.76 crore for the corresponding quarter in the pervious year to Rs 149.22 crore, for the quarter ended September 08, mainly due to loss on sale of investment and adhoc provision of Rs 20 crore for proposed wage revision. Capital adequancy ratio stood at 12.34 per cent against 11.47 per cent on September 2007 despite increase in total risk weighted assets to the tune of 32.42 per cent.

He said ''Business has improved by 21.11 per cent to Rs 60,268 crore at the end of the quarter udner review, from Rs 49,763 crore achieved as on September 2007. Total deposits also increased by 18.58 per cent to Rs 35,777 crore as at the end of the quarter under review as against Rs 30172 crore as on September 2007. Aggregate deposits recorded a marginally higher growth of 18.94 per cent over the same period.

Gross advances recorded a growth of 25.1 per cent and stood at Rs 24,491 crore as against Rs 19,591 crore as at the end of September 2007. Gross non performance asset (NPA) of the Bank declined by 19.03 per cent to Rs 568.40 crore as the end of the quarter as compared to Rs 701.95 crore as on September 2007. The Gross NPA ratio declined by 126 bps from 3.58 per cent as on September 2007 to 2.32 per cent as at the end of the quarter under review. Net NPA declined by 17.24 per cent to Rs 248.25 crore as the end of the quarter as compared to Rs 299.95 core as on September 2007. The Net NPA ratio declined by 54 bps from 1.56 per cent as of September 2007 to 1.02 per cent as at the end of the quarter under review. The total income for the quarter ended September 2008 expanded by 19.54 per cent to Rs 913.84 crore as compared to Rs 764.49 crore posted during the corresponding quarter in the previous year.

UNI AR SR SKB1820

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