Public sector lender Dena Bank's second quarter loss widened to Rs 416.70 crore on elevated provisions YoY, with weakening asset quality sequentially.
The bank had reported loss at Rs 185.02 crore for September quarter 2017 and Rs 721.71 crore in June quarter.
Net interest income during the quarter grew by 20.8 percent to Rs 725.6 crore compared to Rs 600.67 crore in same period last year.
Asset quality of the bank weakened further in quarter ended September 2018. Gross non-performing assets (NPA) as a percentage of gross advances were higher at 23.64 percent against 22.69 percent in June quarter and net NPA increased to 11.70 percent against 11.04 percent QoQ.
In absolute terms, gross advances as well as net advances in Q2 were higher by 1.73 percent and 2.95 percent quarter-on-quarter to Rs 16,140.4 crore and Rs 6,902.4 crore respectively.
Provisions and contingencies dropped 22.4 percent sequentially to Rs 867.8 crore during the quarter ended September 2018, but were higher by 17.82 percent compared to year-ago.
Other income (non-interest income) fell 7.6 percent year-on-year to Rs 357.3 crore but operating profit increased 11.2 percent to Rs 442 crore in Q2FY19.
At 13:30 hours IST, the stock was quoting at Rs 16.10, up Rs 0.50, or 3.21 percent on the BSE.
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