Dena Bank Q3 net up 15%, eyes Rs 1,300-cr funding from Govt

Posted By: Pti
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Mumbai, Jan 27 (PTI) Public sector Dena Bank todaysaid it has clocked a 15.38 per cent jump in net profit to Rs155.21 crore in the third quarter ended December 31 andexpects a capital infusion of Rs 1,300 crore.

The lender said it expects the Government to increaseholding in the bank from the present 51.19 per cent to 58 percent soon through a capital infusion of Rs 1,300 crore.

The bank had posted a net profit of Rs 134.52 crore inthe corresponding period the previous year. Total incomeduring the quarter under review rose 23.32 per cent to Rs1,416.95 crore from Rs 1,149.04 crore in the year-ago period.

As a part of its fund-raising plan, the bank will getRs 520 crore before March 2011 through allotment of equity andpreferential shares to the Government. The bank will raise Rs1,300 crore over three years, which includes Rs 400 crore inFY 12, Dena Bank Chairman and Managing Director D L Rawal,told reporters here.

The Government''s holding in the lender will increasefrom the present 51.19 per cent to 58 per cent, Rawal said.

The bank''s net interest income (NII) shot up by 64.81per cent at Rs 466.42-crore in Q3 FY 11. The net interestmargins increased by 74 bps at 3.27 per cent.

Total deposits grew 25.41 per cent at Rs 60,479 croreand CASA deposits rose 26.14 per cent at Rs 21,406 crore in Q3FY 11. The bank is hopeful of maintaining its CASA in Q4 FY11, Rawal said.

The bank''s gross NPAs increased to Rs 803.29 crore inQ3 FY 11 from Rs 585.52 crore in the same period last year.

Net NPAs also increased to Rs 519.14 crore in Q3 FY 11 from Rs364.71 crore in the same period last year..

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