Dena Bank net up 263% to Rs 83 cr

Dena Bank's quarterly net profit grew by a whopping 263 per cent at Rs 83.18 crore for the period ended December 31, 2005, from Rs 22.92 crore in December 2004.

Owing to the impact of Rs 199.71 crore on account of depreciation on investments through shifting of securities from available for sale (AFS) to held to maturity category (HTM) in the first quarter, the bank has posted a net loss of Rs 57.48 crore for the nine months ended December 2005 against profit of Rs 100.19 crore in the comparable period of 2004.

Operating profit for the reporting quarter increased by 208.90 per cent to Rs 203.01 crore against Rs 65.72 crore in the corresponding quarter of the preceding fiscal.

Capital adequacy ratio of the bank stood at 9.82 per cent.

Chairman and managing director M V Nair said, "The bank had taken a hit of Rs 200 crore in June, which has impacted the capital adequacy ratio".