Dena Bank is trading lower by 4% at Rs 90.60 after reporting a sharp 51% year-on-year (yoy) drop in net profit at Rs 126 crore for the fourth quarter ended March 31, 2013 due to higher provisioning. The state-owned bank had profit at Rs 255 crore in a year ago quarter.
Net interest income (difference between interest earned and paid out) fell 6% year-on-year at Rs 562 crore during the quarter. The bank’s provisions to cover bad loans jumped 35% to Rs 143 crore and provisions for depreciation on investment almost tripled to Rs 98 crore.
On asset quality front, gross non-performing asset (NPA) ratio rose to 2.19% compared with 1.67% a year back, while net NPA ratio stood at 1.39% as against 1.01% during the quarter.
The stock opened at Rs 89.60 and hit a low of Rs 89.40 on NSE. A combined 1.99 million shares have changed hands on the counter so far on NSE and BSE.
Net interest income (difference between interest earned and paid out) fell 6% year-on-year at Rs 562 crore during the quarter. The bank’s provisions to cover bad loans jumped 35% to Rs 143 crore and provisions for depreciation on investment almost tripled to Rs 98 crore.
On asset quality front, gross non-performing asset (NPA) ratio rose to 2.19% compared with 1.67% a year back, while net NPA ratio stood at 1.39% as against 1.01% during the quarter.
The stock opened at Rs 89.60 and hit a low of Rs 89.40 on NSE. A combined 1.99 million shares have changed hands on the counter so far on NSE and BSE.