Dena Bank tumbles after weak Q2 earnings

Dena Bank fell 3.47% to Rs 62.50 at 14:08 IST on BSE after net profit fell 51.96% to Rs 51.58 crore on 10.97% increase in total income to Rs 2885.22 crore in Q2 September 2014 over Q2 September 2013.

The result was announced during trading hours today, 10 November 2014.

Meanwhile, the BSE Sensex was down 10.08 points, or 0.04%, to 27,858.55.

On BSE, so far 5.09 lakh shares were traded in the counter, compared with an average volume of 2.69 lakh shares in the past one quarter.

The stock hit a high of Rs 65.15 and a low of Rs 60 so far during the day. The stock hit a 52-week high of Rs 94.40 on 9 June 2014. The stock hit a 52-week low of Rs 51.10 on 14 February 2014.

The stock had outperformed the market over the past one month till 7 November 2014, rising 12.22% compared with 6.08% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, falling 2.85% as against Sensex's 8.91% rise.

The mid-cap company has an equity capital of Rs 537.82 crore. Face value per share is Rs 10.

Dena Bank's ratio of net non-performing assets (NPAs) to net advances stood at 3.59% as on 30 September 2014, compared with 2.94% as on 30 June 2014 and 2.02% as on 30 September 2013.

The bank's ratio of gross NPAs to gross advances stood at 5.12% as on 30 September 2014, compared with 4.21% as on 30 June 2014 and 3% as on 30 September 2013.

Provisions and contingencies fell 5.96% to Rs 315.22 crore in Q2 September 2014 over Q2 September 2013. The provisioning coverage ratio as on 30 September 2014 stood at 51.90%.

The bank's Capital Adequacy Ratio (CAR) as per Basel III norms stood at 10 99% as on 30 September 2014, compared with 11.16% as on 30 June 2014 and 10.21% as on 30 September 2013.

Government of India holds 58.01% stake in Dena Bank (as on 30 September 2014).

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