Dena Bank has dipped 7% to Rs 55.60 after reporting a sharp 55% year-on-year (yoy) drop in net profit at Rs 107 crore for the quarter ended September 30, 2013 (Q2) due to higher provisions for stressed assets. The state-owned bank had profit of Rs 240 crore in a year ago quarter.
The net interest income for the quarter rose by just 4.7% to Rs 625 crore from Rs 597 crore in the corresponding quarter of previous fiscal.
The provisions, excluding tax and contingencies, for the quarter more than tripled to Rs 335 crore from Rs 105 crore in July-September 2013, Dena Bank said in a statement.
The bank’s gross non-performing asset (NPA) ratio deteriorated sharply, by over 100 basis points yoy to 3% from 1.97%, while the net NPA ratio also increased to 2.02% from 1.22% during the recently concluded quarter.
The stock opened at Rs 57 and touched a low of Rs 55 on NSE. A combined 5.57 million shares have already changed hands on the counter till noon deals on BSE and NSE.
The net interest income for the quarter rose by just 4.7% to Rs 625 crore from Rs 597 crore in the corresponding quarter of previous fiscal.
The provisions, excluding tax and contingencies, for the quarter more than tripled to Rs 335 crore from Rs 105 crore in July-September 2013, Dena Bank said in a statement.
The bank’s gross non-performing asset (NPA) ratio deteriorated sharply, by over 100 basis points yoy to 3% from 1.97%, while the net NPA ratio also increased to 2.02% from 1.22% during the recently concluded quarter.
The stock opened at Rs 57 and touched a low of Rs 55 on NSE. A combined 5.57 million shares have already changed hands on the counter till noon deals on BSE and NSE.
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