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Public sector Dena Bank's net profit plunged 81.4% to Rs 15.16 crore in the first quarter ended June 30 in the current fiscal on a sharp rise in bad loans.
Bank's net profit in the same quarter of last fiscal, 2014-15, was at Rs 81.52 crore.
The steep fall was attributed to a sharp rise in Non Performing Assets (NPAs) and consequently a higher allocation towards provisioning.
Its income increased marginally by 3.2% to Rs 2,914.87 crore in the first quarter of 2015-16, as against Rs 2,824.58 crore in the year-ago period, Dena Bank said in a BSE filing.
The asset quality deteriorated further as gross NPAs or bad loans shot to 6.2% of gross advances during the quarter under review as against 4.21% a year ago.
Its net NPAs too rose further to 4.24% from 2.94% of net advances.
Thus, the provision towards bad loans and contingencies was raised by over 42% to Rs 324.75 crore during the quarter, from Rs 228.06 crore a year ago.
Dena Bank stock was trading 3.41% up at Rs 43.95 on the BSE.
