Dena Bank slips after Q2 net drops 25%

Net profit for Sep 2015 quarter declined nearly 25% to Rs 38.8 crore

Shares of Dena Bank were down over 3% at Rs 41.90 after the state-owned bank's net profit for the quarter ended September 30, 2015 declined nearly 25% to Rs 38.8 crore compared with Rs 51.6 crore in the same quarter last fiscal because of rise in non-performing assets.

Gross NPAs increased to 6.84% in September 2015 quarter compared with 5.12% in the corresponding quarter last fiscal. Net NPAs for September 2015 quarter were also higher at 4.65% compared with 3.59% in September 2014 quarter.

Further, total income for September 2015 quarter was marginally lower at Rs 2872.1 crore compared with Rs 2,885.2 crore in the same quarter last fiscal.

The stock opened at Rs 42.45 and touched a low of Rs 40.50. At 11:40am, over 500,000 shares were traded on both the stock exchanges.