PANJIM: Dena Bank has declared results for the quarter ended June 2013. Dena Bank has announced that its total business as on June 30, 2013, stood at Rs 1,59,334 crore as compared to Rs 1,39,377 cr as on June 30, 2012.
Total business increased by Rs 19,957 crore with a growth of 14.32% on Y-o-Y basis. Net profit for the quarter ended June 30, 2013, has risen 50.55% quarter-on-quarter (Q-o-Q) to Rs 189.20 crore from Rs 125.67 crore in Q4 FY 2013.
During Q1 FY 2014, the total income stood at Rs 2,765.68 cr up 21.36% in comparison with Rs 2,278.85 cr for Q1 FY 2013.
Earnings per share is at Rs 5.40 for the quarter ended June 30, 2013 as against Rs 3.59 for the quarter ended March 31, 2013. Book value per share rose to Rs 161.22 as on June 30, 2013 as compared to Rs 156.68 as on March 31, 2013. Sequentially, Net Interest Margin (NIM) has improved by 9 bps from 2.46% to 2.55% during the quarter. Going forward, the bank is targeting credit and deposit growth of 16%. The bank expects to maintain NIM in the range of 2.75% to 3.00%.
The Credit Deposit ratio stood at 68.86%. During Q1 FY 2014, Net Profit has increased by 50.55% sequentially over March-13 at Rs.189.20 cr. However, Net Profit has declined from Rs 238.63 cr to Rs 189.20 cr on Y-o-Y basis mainly due to higher provisions and contingencies of Rs 397.03 cr against Rs 219.29 cr during the corresponding quarter of previous year. Higher provision is on NPA Rs 109.15 cr against Rs 94.80 cr, standard assets Rs 139.63 cr against Rs 41.99 cr due to restructuring/ restructuring in pipeline and taxation provision of Rs 168.89 cr against Rs 115.88 cr.
Operating profit has increased by 46.28% sequentially over March-13 and 28.02% Y-o-Y at Rs 586.23 cr during the quarter. Interest income increased by Rs 262.97 cr from Rs 2,137.20 cr for Q1 FY 2013 to Rs 2,400.17 cr [12.30%] for Q1 FY 2014. Non-interest income has increased substantially from Rs 141.65 cr to Rs 365.51 cr during Q1 FY 2014 showing a growth of 158.04% mainly due to multifold increase in profit on sale of investments from Rs 32.04 cr to Rs 248.35 cr during the quarter.
