update

Dena Bank Q1 net slips 57% on lower other income, NPA jumps

     State-controlled lender Dena Bank 's first quarter (April-June) net profit fell 57 percent to Rs 81.5 crore on lower other income and slow growth in net interest income but supported by lower tax cost and flat provisions. The profit in the year-ago period was Rs 189.2 crore. 
      Net interest income, the difference between interest earned and interest expended, increased marginally to Rs 612 crore in the quarter ended June 2014 from Rs 604.7 crore in corresponding quarter of last fiscal while other income (non-interest income) dropped 60.5 percent to Rs 144.42 crore from Rs 365.51 crore during the same period. 
     Asset quality of the bank deteriorated with the gross non-performing assets (NPA) rising 151 basis points year-on-year (up 88 bps quarter-on-quarter) to 4.21 percent and net NPA increasing by 120 basis points on yearly basis (up 59 bps sequentially) to 2.94 percent in the quarter gone by.