Dena Bank clocks net profit of Rs 11.4 crore
By Our Banking Bureau | 05 Jun 2002
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.
