Dena Bank net tanks 57% as bad loans soar

State-run Dena Bank today reported a 57% drop in its net profit at Rs 81.52 crore in the June quarter due to rise in non-performing assets.

The net profit of the company stood at Rs 189.2 crore in the same quarter last fiscal.

Its total income stood at Rs 2,824.58 crore in the reporting period as against Rs 2,765.68 crore in the year-ago quarter.

Asset quality of the bank deteriorated in the quarter with gross non-performing rising to 4.21% from 2.70%, while net NPA jumped to 2.94% from 1.74%.

Provisions in the quarter reminded steady at Rs 228 crore. The capital adequacy ratio (CAR) under Basel III stood at 11.16%, the bank said.