State-owned Dena Bank on Thursday reported narrowing of net loss in December quarter to Rs 178.47 crore as provisioning for bad loans declined. The bank had posted a net loss of Rs 380 crore in the October-December period of 2017-18.
Total income of the bank also came down to Rs 2,293 crore in the quarter under review as against Rs 2,476 crore in the year-ago period, Dena Bank said in a regulatory filing.
The lender also improved its asset quality with net non-performing assets (NPAs) falling to 10.44 per cent of total advances at December-end 2018 from 11.52 per cent in year-ago same period.
Gross NPAs however rose to 19.77 per cent of gross advances as against 19.56 per cent a year ago.
In absolute terms, net NPAs stood at Rs 6,142.47 crore by the end of third quarter 2018-19 as against Rs 7,564.20 crore a year ago.
Gross NPAs stood at Rs 12,998.46 crore, down from Rs 14,168.78 crore a year ago.
The lender's provisioning for bad loans nearly halved to Rs 519.37 crore in the latest quarter from Rs 1,044.28 crore in October-December 2017.
Provision coverage ratio stood at 66.60 per cent at December-end 2018.
The lender also informed that "the board of directors of Bank of Baroda, Vijaya Bank and Dena Bank at their respective meetings held on January 2, 2019, have approved the amalgamation of the three banks."
Stock of the bank closed 1.19 per cent down at Rs 12.45 on BSE.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
