Dena Bank profit rises 62%

Dena Bank on Tuesday reported a 62 per cent rise in net profit for the quarter ended March 31 at Rs 255 crore, against Rs 157 crore reported in the corresponding period a year ago, on the back of healthy growth in fee-based income.

The lender has reported a 35 per cent rise in its fee-based income to Rs 160 crore, compared with Rs 118 crore in the same quarter last year.

In the same period, net interest income (NII) was higher by 27 per cent to Rs 598 crore, from Rs 471 crore. Net interest margin (NIM) improved 12 basis points to 3.21 per cent on year-on-year basis.

The bank restructured assets worth Rs 3,400 crore during 2011-12. Deposits of the Mumbai-based bank grew by 20.18 per cent to Rs 77,167 crore, while gross advances were higher by 26.56 per cent at Rs 57,159 crore. Gross non-performing assets (NPA) ratio improved to 1.67 per cent, from 1.86 per cent, and net NPA ratio stood at 1.01 per cent against 1.22 per cent earlier.

Capital adequacy ratio under Basel II stood at 11.51 per cent as on March 31. The current and savings account (Casa) deposits out of total deposits was at 34.46 per cent. The lender plans to grow its loan book by 20 per cent in the current financial year, said Nupur Mitra, chairperson and managing director of the bank.