Dena Bank Q4 net profit drops 50.7%

Higher provisions and contigencies pull down profit, total income for the quarter rises 17.24%

Public sector lender Dena Bank’s net profit for the quarter ended March fell 50.7 per cent drop to Rs 125.67 crore, compared to the year-ago period, owing to higher provisions and contingencies.

Provisions and contingencies rose to Rs 275 crore, against Rs 221 crore during the fourth quarter of the previous financial year. The higher provisioning was on account of non-performing assets of Rs 143 crore, against Rs 106 crore, and depreciation on investment of Rs 98 crore, against Rs 36 crore in the year-ago period. Total income rose 17.24 per cent to Rs 2,539.74 crore, while interest income increased 17.81 per cent to Rs 2,304.26 crore.

Net profit for the financial ended March 31 rose 0.9 per cent to Rs 810.38 crore.

During the financial year the total income rose by 29.53 per cent to Rs 9,554.85 crore. The interest income rose by 30.99 per cent to Rs 8.899.39 crore. Gross NPA stood at 2.19 per cent and Net NPA stood at 1.39 per cent at the end of the fiscal 2012-13 against 1.67 per cent and 1.01 per cent respectively at the end of previous year.

In absolute terms the gross NPAs stood at Rs 1,452.45 crore and net NPA stood at Rs 917.18 crore.

The NPA provision coverage ratio stood at 69.58 per cent with reference to NPA as at March 31.