Dena Bank posts over threefold rise in Q1 net at Rs 56 crore
By Our Banking Bureau | 26 Jul 2007
Mumbai: Mumbai-based public sector lender Dena Bank has reported an over three fold rise in its first quarter net profit, at Rs55.58 crore, compared to Rs18.49 crore in the year-ago period.
Total income increased by 30.17 per cent to Rs702.42 crore for the April-June 2007-08 quarter, compared to Rs539.61 crore for the same quarter of the previous year, Dena Bank said in a filing with the Bombay Stock Exchange (BSE).
Net interest income grew by 13.85 per cent to Rs224.69 crore in April-June this year from Rs197.36 crore in the year-ago quarter.
While net interest margin (NIM) fell to 3.11 per cent from 3.22 per cent a year earlier, the NIM improved by 11 basis points from 3 per cent in January-March 2006-07.
Yield on advances increased by 200 basis points to 10.02 per cent, the cost of deposits rose by 91 basis points to 5.57 per cent in the quarter ended June 2007 from a year earlier. Non-interest income grew 20.83 per cent to Rs 75.17 crore in the first quarter from Rs62.21 crore a year earlier.
The bank's deposits increased by 15.71 per cent to Rs27,968 crore, while advances grew 20.27 per cent to Rs18,255 crore. Retail advances rose 40 per cent to Rs3314 crore, forming 18.15 per cent of total advances.
