Dena Bank’s provisions and contingencies increased sharply by 114 percent year-on-year to Rs 1,118.8 crore, but fell 44 percent sequentially.
Public sector lender Dena Bank share price gained nearly 6 percent intraday Monday despite the first quarter loss widened over five times YoY, as net NPA improved on sequential basis.
The bank reported net loss at Rs 721.7 crore for the quarter against loss of Rs 132.7 crore in year-ago, impacted by higher provisions and lower other income.
Net interest income, the difference between interest earned and interest expended, grew by 10 percent year-on-year to Rs 742.7 crore in Q1.
On the asset quality front, gross non-performing assets (NPA) as a percentage of gross advances were higher at 22.7 percent against 22 percent in previous quarter but net NPA fell to 11.04 percent against 11.95 percent QoQ.
Provisions and contingencies increased sharply by 114 percent year-on-year to Rs 1,118.8 crore, but fell 44 percent sequentially.
Other income (non-interest income) dropped 32 percent year-on-year to Rs 161.39 crore in Q1. At 14:10 hours IST, the stock price was quoting at Rs 17.00, up Rs 0.75, or 4.62 percent on the BSE.
We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at businessleaguein@gmail.com
