Dena Bank posted a net profit in the third quarter results it announced on Friday, on the back of reduction in its provisions.It reported a net profit of Rs35.31 crore compared to Rs662.85 crore loss reported last year for the same period.
According to estimates of one Bloomberg analyst, the bank was expected to post a net profit of Rs82.40 crore.Net interest income (NII), or the core income a bank earns by giving loans, rose 17.55% to Rs665.91 crore in the December quarter from Rs566.49 crore last year.
Other income more than doubled to Rs408.63 crore in the third quarter from Rs163.06 crore in the same period last year.Gross non-performing assets (NPAs) at Dena Bank rose 4.40% to Rs11,301.78 crore at the end of the December quarter from Rs10,824.50 crore in the September quarter.
As a percentage of total loans, gross NPAs were 14.79% at the end of the December quarter compared with 13.79% in the previous quarter and 9.85% a year ago.
Provisions and contingencies fell 10.66% to Rs484.43 crore in the third quarter from Rs542.25 crore a quarter ago. Net NPAs rose to 9.52% in the December quarter compared with 8.93% in the previous quarter and 6.68% in the same quarter last year.Provision coverage ratio stood at 51.61% at the end of December quarter.
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