Dena
Bank clocks net profit of Rs 11.4 crore
Our Banking Bureau
5 June 2002
 Mumbai:
Dena Bank has turned around in the last quarter of 2001-02 and
posted a net profit of Rs 11.36 crore for the fiscal ended March
2002 against a loss of Rs 266.12 crore the previous year.
The profit of Rs 37.46
crore for the last quarter of 2001-02 has covered the losses
incurred during the first three quarters and helped the bank to
post profits for the year. “This has enabled the bank to come
back on the profit path within one year of posting losses,” says
Dena Bank chairman A G Joshi.
The operating profit of the bank rose by 336.54 per cent during
the latest fiscal to touch Rs 335.39 crore. Treasury operations
remained the major contributor for the profit of the banks at Rs
164.23 crore.
Trying to curtail further
slippages in standard assets, concerted efforts to increase the
share of low-cost deposits in the deposits portfolio and
consciously cutting down on costs have resulted in the turnaround,
says Joshi.
 The
bank has set up a monitoring mechanism to track the industries.
Borrowing companies and the companies with above Rs 1 crore of
borrowing were studied by executive director S C Vohra, while the
accounts with over Rs 5 crore of borrowings were monitored by the
CMD himself.
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