Huge provisioning on account of non-performing assets (NPAs) have dented Dena Bank's bottomline. The public-sector bank has posted a net loss of Rs 8.7 crore in July-September quarter (Q2) against a Rs 17.01 crore net profit registered in the corresponding period of the last year.
The bank's net profit in the first half of the year decreased by 73. 58 per cent to Rs 13.49 crore, down from Rs 51. 06 crore in the corresponding period last year.
The bank's operating profit for the first half has increased by 22.88 per cent to Rs 109.27 crore against Rs 88.92 crore.
There has been a 152.98 per cent increase in provisions and contingencies amounting to Rs 95.78 crore for the first half of the current year compared with Rs 37.86 crore for the corresponding period last year.
The provisions and contingencies for the second quarter is 3.9 times higher at Rs 53.78 crore compared with Rs 13. 52 for the corresponding period last year.
Total income has risen by 12.73 per cent to Rs 976.13 crore from Rs 865. 83 crore in the first half of 1999. There has been an increase of 11.98 per cent in the interest income from Rs 782.32 crore to Rs 876.08 crore. Other income, which includes fee-based income has risen by 19.8 per cent to Rs 100.05 crore from Rs 83.51 crore for the half year ended 30.09.99
The bank also recorded an 11.16 per cent increase in total expenditure--from Rs 769.9 in the first half of 2000 to Rs 855. 84 crore during the first half of 2001.
