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Dena Bank Q1 PAT at Rs. 15.2 crore

Dena bank, Financial results

Mumbai:Dena Bank 's first quarter net profit plunged 81.3 percent year-on-year to Rs 15.2 crore, impacted by higher provisions, lower operating profit and slow growth in net interest income. However, tax write-back supported bottomline.

Net interest income, the difference between interest earned and interest expended, grew by 2.6 percent to Rs 628.2 crore from Rs 612 crore during the same period.

During the quarter, other income (non-interest income) increased marginally to Rs 146.11 crore from Rs 144.42 crore while operating profit fell 27.9 percent to Rs 226.30 crore year-on-year.

Provisions for bad loans spiked 42.5 percent (down 32 percent sequentially) to Rs 325 crore in June quarter compared to Rs 228 crore in the corresponding quarter of last fiscal.

Asset quality was very weak in the quarter gone by as gross non-performing assets rose to 6.2 percent (from 5.45 percent in March quarter and 4.21 percent in the year-ago period) and net NPA climbed to 4.24 percent (from 3.82 percent Q-o-Q and 2.94 percent Y-o-Y).

In absolute term, gross NPA jumped 52.7 percent (up 10.2 percent sequentially) to Rs 4,840.7 crore and net NPA shot up 48.6 percent (up 7.2 percent quarter-on-quarter) to Rs 3,231.5 crore during April-June quarter.

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