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Dena Bank Q1 loss widens to Rs 722 cr on higher NPAs

Public sector Dena Bank has reported widening of net losses to Rs 721.71 crore for the first quarter ended June of the current fiscal as bad loans surged significantly.


PTI Last Updated at 06 Aug 2018, 16:08 IST India
Dena Bank Q1 loss widens to Rs 722 cr on higher NPAs
  • The bank had registered a net loss of Rs 132.65 crore in the April-June period of last fiscal, 2017-18. (Image Credit: Twitter)

Public sector Dena Bank has reported widening of net losses to Rs 721.71 crore for the first quarter ended June of the current fiscal as bad loans surged significantly.

The bank had registered a net loss of Rs 132.65 crore in the April-June period of last fiscal, 2017-18.

Its total income during the quarter under review also fell by 8 percent to Rs 2,410.01 crore, as against Rs 2,620.28 crore in the year-ago period, the bank said in a regulatory filing.

The interest income for the quarter also fell to Rs 2,248.62 crore, from Rs 2,382.99 crore.

Dena Bank's gross non-performing assets (NPAs) or bad loans, as a percentage of gross loans, spiked to 22.69 percent as on June 30, 2018, compared with 17.37 percent a year ago. In value terms, they mounted to Rs 15,866.11 crore, up from Rs 12,994.16 crore.

However, the ratio of net NPAs fell to 11.04 percent (Rs 5,704.31 crore) as against 11.22 percent (Rs 7,797.16 crore).

Thus, the provisioning coverage for bad assets in the June quarter also increased to Rs 1,244.16 crore, from Rs 434.58 crore parked aside in the same period of 2017-18.

The overall provisions and contingencies were at Rs 1,115.75 crore for April-June, 2018-19 as against Rs 522.48 crore in the same period of 2017-18.

The provision coverage ratio is 65.70 percent as on June 30, 2018.

Dena Bank stock was trading Rs 3.38 percent up at Rs 16.80 on BSE in the afternoon.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


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