Dena Bank falls as Q4 net profit halved
Q4 net profit at Rs 126 crore against Rs 255 crore in year ago quarter mainly due to higher provisioning.
Dena Bank is trading lower by 4% at Rs 90.60 after reporting a sharp 51% year-on-year (yoy) drop in net profit at Rs 126 crore for the fourth quarter ended March 31, 2013 due to higher provisioning. The state-owned bank had profit at Rs 255 crore in a year ago quarter.
Net interest income (difference between interest earned and paid out) fell 6% year-on-year at Rs 562 crore during the quarter. The bank’s provisions to cover bad loans jumped 35% to Rs 143 crore and provisions for depreciation on investment almost tripled to Rs 98 crore.
On asset quality front, gross non-performing asset (NPA) ratio rose to 2.19% compared with 1.67% a year back, while net NPA ratio stood at 1.39% as against 1.01% during the quarter.
The stock opened at Rs 89.60 and hit a low of Rs 89.40 on NSE. A combined 1.99 million shares have changed hands on the counter so far on NSE and BSE.
Net interest income (difference between interest earned and paid out) fell 6% year-on-year at Rs 562 crore during the quarter. The bank’s provisions to cover bad loans jumped 35% to Rs 143 crore and provisions for depreciation on investment almost tripled to Rs 98 crore.
On asset quality front, gross non-performing asset (NPA) ratio rose to 2.19% compared with 1.67% a year back, while net NPA ratio stood at 1.39% as against 1.01% during the quarter.
The stock opened at Rs 89.60 and hit a low of Rs 89.40 on NSE. A combined 1.99 million shares have changed hands on the counter so far on NSE and BSE.