Dena bank net up by 153.40 pc at Rs 110.99 cr for Q4 2008

Mumbai, Apr 30 (UNI) Dena Bank, a leading public sector bank, today said its net profit jumped up by 153.40 per cent to Rs 110.99 crore for the fourth quarter (Q4) ended March 2008 as against Rs 43.80 crore in the corresponding quarter last year.

The board of directors have proposed a dividend at the rate of ten per cent for the financial year ended March 31, 2008 against eight per cent in the previous year 2007.

Dena Bank CMD Mr P.L.Gairola told mediapersons here today that ''Net profit recorded a quantum rise of 78.50 per cent up from Rs 201.56 crore for the year ended March 31, 2007 to Rs 359.79 crore for the financial year ended March 31, 2008.

However, its total income for Q4Y'08 has increased 29.05 per cent to Rs 882.98 crore from Rs 684.23 crore in the same period a year ago. During the financial year 2008, the income recorded high by 25.66 per cent to Rs 3154.02 crore against Rs 2510.04 crore in the corresponding period last year. Operating profit for the year improved by 8.04 per cent, up from Rs 635.37 crore for the FY 2006-07 to Rs 686.44 crore. Operating profit for Q4 ended March 08 improved by 18.82 per cent at Rs 218.93 crore as against Rs 184.26 crore for the corresponding quarter in the previous year.

Gross non performance asset (NPA) declined by 23.10 per cent to Rs 572.60 crore at the end of the year, as compared to Rs 744.48 crore as on March 2007. The Gross NPA ratio also crashed by 153 bps from 3.98 per cent as on March 07 to 2.45 per cent as at the end of the year 2008. Net NPA also declined by 15.72 per cent to Rs 215.43 crore as compared to Rs 364.80 crore as on March 07.' However, cash recoveries including other credits stood at Rs 185 crore as compared to Rs 247 crore achieved during the previous year.

Provision coverage of NPA was higher at 60.70 per cent as compared to 50.05 per cent as on March 07.

Mr Gairola said ''25 new branches were opened during the year including first foot print in the Himachal Pradesh, thus increasing the total number of branches from 1135 to 1160. 24 new ATMs were installed during the quarter ended March 2008, taking the total tally to 316 ATMs across 142 centers, of which 49 were at off-site locations. The Bank has signed an MoU with Indian Railways for installation of 117 ATMs and 78 Kiosks at Railway Stations for dispensation of Railway tickets, e-tickets, besides offering other normal services. The Bank has extended the facility of franking of stamps, beyond Mumbai, at 11 more branches at New Delhi and in Rajasthan.'' UNI AR OBB AG2015