The Hindu Business Line : Dena Bank Q4 profit rises to Rs 77 crore

AN improvement in the yield on advances, a reduction in cost of deposits and non-performing assets have aided Dena Bank Ltd to post a 105.97 per cent jump in net profit at Rs 77.16 crore for the quarter ended March 31, 2002, compared to Rs 37.46 crore in the year ago period.

According to the Chairman-cum-Managing Director, Mr A.G. Joshi, total income of the bank increased to Rs 665.91 crore (Rs 549.12 crore). Total expenditure was at Rs 442.28 crore (Rs 420.81 crore). Operating profit was at Rs 223.63 crore (Rs 128.31 crore).

For the financial year ended March 31, 2003, the bank achieved a 905 per cent jump in net profit at Rs 114.19 crore, compared to Rs 11.36 crore in the previous year.

The gross NPAs of the bank had fallen to Rs 1,616.58 crore as on March 31, 2003, from Rs 1,996.02 crore in the corresponding period the previous year. Net NPAs came down to Rs 997.28 crore (Rs 1,227 crore)

The ratio of net NPAs to net bank credit had fallen to 11.83 per cent (16.31 per cent, while that of gross NPAs to gross advances had been reduced to 17.86 per cent (24.11 per cent). The percentage of provisions to gross non-performing assets increased to 36.65 per cent (35.76 per cent).

The bank's average cost of deposits had been brought down to 6.65 per cent from 8.03 per cent.

Average yield on advances improved to 10.43 per cent (9.94 per cent). Interest spread improved to 2.96 per cent (2.48 per cent).

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