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Dena Bank's profitability may dip further in FY14: India Ratings

Long term issuer rating affirmed at 'AA-'

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BS Reporter Mumbai
Dena Bank’s profitability may fall further in FY14 due to increased funding cost and mark-to market losses on investments, according to India Ratings and Research.

The higher provisioning costs for restructured assets could exert additional pressure on profitability. The Mumbai-based public sector lender’s return on assets declined to 0.8 per cent in FY13 from 1.1 per cent in FY12.

The rating agency affirmed Dena Bank's long-term issuer rating at ‘IND AA-’ with a stable outlook.

The agency has also affirmed Dena’s Tier 2 subordinated bonds at ‘IND AA-’ and its upper tier 2 subordinated bonds and perpetual debt instruments at ‘IND A-’.

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First Published: Aug 27 2013 | 12:42 AM IST

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