Backed by a robust increase in net interest income and higher growth in low cost current account and savings account deposits, Dena Bank reported a 29 per cent increase in net profit at Rs 161 crore in the second quarter ended September 30, 2010, against Rs 125 crore in the corresponding period last year.
The public sector bank's net interest income in the reporting quarter jumped by 94 per cent to Rs 465 crore (Rs 240 crore in Q2-FY10). CASA deposits increased 30 per cent to Rs 20,927 crore (Rs 16,113 crore).
Year-on-year, CASA deposits rose 30 per cent to Rs 20,927 crore (Rs 16,113 crore as on September-end 2009). These low cost deposits constituted 39 per cent of the bank's total deposits as on September-end 2010 against 36 per cent as of September-end 2009.
Year-on-year, the bank reported 18 per cent increase in deposits (to Rs 53,498 crore as of September-end 2010) and 21 per cent increase in advances at Rs 36,541 crore.
Dena Bank is expecting an equity infusion of Rs 600 crore from the Government before the end of the current financial year to improve the capital adequacy ratio. As of September-end 2010, the bank's CAR stood at 12.29 per cent (according to Basel II) against 13.26 per cent as of September-end 2009.
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