New Delhi: State-owned Dena Bank on Tuesday reported an over two-fold jump in its net loss to Rs 416.70 crore in the second quarter ended September 2018.
The bank had registered a net loss of Rs 185.02 crore in the same quarter of the previous fiscal.
Total income of the bank also fell to Rs 2,537.01 crore in the quarter under review from Rs 2,608.83 crore in the same period of 2017-18, the bank said in a regulatory filing.
The bank's asset quality was dented further during the quarter with the gross non-performing assets (NPAs) hitting 23.64 percent of the net advances as on 30 September, 2018 from 17.23 percent in the same period a year ago.
Net NPAs too worsened at 11.7 percent as against 10.61 percent.
Thus, provisioning for bad loans was raised to Rs 724.05 crore during the September quarter of 2018-19 as against Rs 652.34 crore set aside for the second quarter of the previous fiscal.
The overall provisions and contingencies for July-September were at Rs 867.83 crore up from Rs 736.66 crore, Dena Bank said.
Additionally, the bank said the board of directors in its meeting held on 24 September recommended for amalgamation of Dena Bank with Bank of Baroda and Vijaya Bank.
Dena Bank also said it will continue the exposure to MSME borrowers to be classified as standard assets, where the dues between 1 September, 2017 to 31 December, 2018 are paid not later than 180 days from their respective original due dates.
"Accordingly, the bank has retained advances of Rs 124.27 crore as standard assets as on 30 September, 2018 and is maintaining a standard asset provision of Rs 6.21 crore," it said.
Provision coverage ratio of the bank at end-September stood at 65.27 percent.
Stock of Dena Bank closed 1.92 percent down at Rs 15.90 apiece on BSE.
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Updated Date: Oct 30, 2018 17:39:50 IST