Dena Bank net loss widens over two-fold to Rs 416 crore in Q2; gross non-performing assets rise 23.64%

Stock of Dena Bank closed 1.92 percent down at Rs 15.90 apiece on BSE.

Press Trust of India October 30, 2018 17:39:50 IST
Dena Bank net loss widens over two-fold to Rs 416 crore in Q2; gross non-performing assets rise 23.64%

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.

Dena Bank net loss widens over twofold to Rs 416 crore in Q2 gross nonperforming assets rise 2364

Representational image. AFP.

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.

Updated Date:

Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.

also read

BOB, Dena, Vijaya Bank's consolidation: Bank of Baroda sinks on merger with smaller rivals
Business

BOB, Dena, Vijaya Bank's consolidation: Bank of Baroda sinks on merger with smaller rivals

Bank of Baroda Ltd, second-largest state-run bank by market capitalisation, fell as much as 14.2 percent on Tuesday after the government’s decision to merge it with Dena Bank and Vijaya Bank failed to enthuse investors.

Dena Bank's June quarter loss widens to Rs 722 cr; gross non-performing assets rise to 22.69%
Business

Dena Bank's June quarter loss widens to Rs 722 cr; gross non-performing assets rise to 22.69%

In value terms, Dena Banks's gross non-performing assets or bad loans rose to Rs 15,866.11 crore in June 2018 quarter from Rs 12,994.16 crore a year ago quarter.

Dena Bank surges 20%; Bank of Baroda tumbles 14% post-merger announcement
Business

Dena Bank surges 20%; Bank of Baroda tumbles 14% post-merger announcement

The government on Monday said state-owned Bank of Baroda, Vijaya Bank and Dena Bank will be merged to create the country's third-largest lender as part of efforts to revive credit and economic growth.