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Public sector lender Dena Bank reported a drop of 81 per cent in net profit for the quarter ended June at Rs 15.16 crore due to a rise in operating expenses as well as provisioning for bad loans. The operating expenses rose 23.81 per cent to Rs 548 crore while employee costs increased to Rs 355.56 crore recording a rise of 22.77 per cent.
"The fall in profits was due to increase in operating expenses and provisioning for bad loans," said Ashwani Kumar, chairman and managing director of the bank.
The provisions and contingencies stood at Rs 324.75 crore in the June quarter compared with Rs 228.06 crore in the same period a year ago.
