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Dena Bank
Source Name: Dena Bank

Dena Bank’s Total Income in Q1 FY15 Rises to Rs. 2,842.58 cr

Total business crosses Rs. 1,80,000 cr mark

Aug 11, 2014   17:15 IST 
India

Dena Bank, India’s ‘Trusted Family Bank’, has announced that its Total Income in Q1 FY2015 stood at stood at Rs. 2,824.58 crore as compared to Rs. 2,765.68 cr showing an increase of  Rs. 58.90 cr [2.13%]. Interest Income increased by Rs. 279.99 cr from Rs. 2,400.17 cr for the quarter ended 30.06.2013 to Rs. 2,680.16 cr [11.67%] for the Quarter ended 30.06.2014. Net Interest Income [NII] for the quarter ended 30.06.2014 was at  Rs. 611.96 cr as compared to Rs. 604.73 cr for the quarter ended 31st March, 2013 recording a growth of 1.20%. Net Interest Margin: Interest Spread to average interest earning assets for the quarter ended 30.06.2014 is at 2.23%. During the quarter, the Bank opened 8 Branches across the country.

Total Business of the Bank as on 30.06.2014 stood at Rs. 1,81,069 cr as compared to Rs 1,59,334 cr as on 30.06.2013. Total business increased by Rs. 21,735 cr with a growth of 13.64% on y-o-y basis. Deposits of the Bank increased to Rs.1,05,718 cr as on 30.06.2014 from   Rs. 94,359 cr as on 30.06.2013 recording a growth of 12.04% on y-o-y basis. Advances of the Bank increased to Rs. 75,351cr as on 30.06.2014 from Rs. 64,975 cr as on 30.06.2013 showing a growth of 15.97%. Credit Deposit ratio stood at 71.28%.

Mr. Ashwani Kumar, Chairman and Managing Director, Dena Bank, announced the financial results of the Bank for the Quarter ended 30th June 2014 after its adoption by the Board of Directors. He said, “Going forward, the Bank is targeting a growth of 18% in business during FY 2014-15. Dena Bank targets to open 180 new branches during FY 2014-15. It also seeks to establish Specialized NRI Branch and strengthen Retail Processing Hubs as well as SME Processing Centers.”

NPA: Gross NPA Ratio of the Bank as on 30.06.2014 is 4.21% as compared to 2.70% as on 30.06.2013. In absolute terms, Gross NPA as on 30.06.2014 is Rs. 3,169.23 cr as compared to Rs. 1,757.45 cr as on 30.06.2013. Net NPA ratio as on 30.06.2014 is 2.94% as compared to 1.74% as on 30.06.2013. In absolute terms, Net NPA as on 30.06.2014 is  Rs. 2,174.50 cr as compared to Rs. 1,114.60 cr as on 30.06.2013.

Cash Recovery & up gradation: Bank effected cash recovery of  Rs. 49.18 cr during the Quarter ended 30.06.2014 compared to Rs. 65.77 cr in the corresponding quarter of previous year. The Total up gradations during the quarter were Rs. 59.13 cr as  against up gradations of Rs. 36.93 cr  during the corresponding previous quarter. Provision Coverage: Provision Coverage Ratio for the quarter is 53.96%.

IT Initiatives

i.              Bank has provided 1309 on-site ATMs and 123 off-site ATMs.

ii.             Issue of RuPay Platinum Debit Card.

iii.            Mobile Banking on USSD Platform will be made operational by end of August 2014

iv.           E-KYC will be made operational by end August 2014

Credit Monitoring - Bank has initiated close monitoring of borrowal accounts to prevent slippages. At present, Bank is monitoring all accounts above ` 10 cr on daily basis.

NPA Reduction- In compliance to DFS directives for Resolution of NPAs, Bank will strive to offload NPAs to ARCs.

Staff - To cater to needs of new branches being opened and provide personalized customer service, Bank has recruited 441 POs, 116 Specialist Officers and 489 Clerks during first quarter of FY 2014-15.

Financial Inclusion

i.  Bank has covered 2,965 villages under Financial Inclusion till June 2014 as against target of 4,190 villages by March 2015.

ii. Bank has also successfully launched and implementing Direct Benefit Transfer Scheme as per Govt. of India Guidelines through Aadhaar Payment Bridge System (APBS) and Aadhaar Enabled Payment System (AEPS). Under DBT Bank has opened 47,884 accounts of the beneficiaries under different schemes, of which Aadhaar numbers are seeded in 19,069 accounts.

About Dena Bank:

Having completed its platinum jubilee, Dena Bank was founded on May 26, 1938 by the family of Devkaran Nanjee under the name Devkaran Nanjee Banking Company Ltd. It became a Public Ltd. Company in December 1939 and later the name was changed to Dena Bank Ltd. Dena Bank is amongst the first nationalised banks to enter equity market in November 1996. It offers the entire gamut of banking services including Retail Banking, Corporate Banking, International Banking, Services, Priority & SME Banking amongst others. The Bank is the first public sector bank to introduce Tele-Banking facilities for its customers at selected metropolitan centers. Dena Bank offers minor savings scheme, credit card in rural India and customer rating system for rating the bank services.

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(L to R): Mrs. Trishna Guha, Mr. Ashwani Kumar, Mr. R. K. Takkar & Mr. G. C. Garg at Q1 FY2015 results of Dena Bank
(L to R): Mrs. Trishna Guha, Mr. Ashwani Kumar, Mr. R. K. Takkar & Mr. G. C. Garg at Q1 FY2015 results of Dena Bank
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