Dena Bank has announced that its total income for Q2 FY14 grew by 11.69% to Rs 2,599.94 crore. Total business as on Sept 30, 2013, stood at Rs 1,59,334 crore as compared to Rs 1,42,958 cr as on September 30, 2012. Total business increased by Rs 16,375 crore with a growth of 11.42% on y-o-y basis. The net profit for Q2 FY14 stood at Rs 107.38 crore and for H1 FY2014 stood at Rs 296.58 crore.
Deposits increased by 12.11% on a y-o-y basis to Rs 93,669 crore as on September 30, 2013. Advances increased by 10.54% on a y-o-y basis to Rs 65,664 crore as on September 30, 2013. The Board of Directors at its meeting in Mumbai approved the audited accounts for the quarter ended September 30, 2013. Ashwani Kumar, CMD, Dena Bank, announced the performance after the adoption of the financial results for the quarter ended June 30, 2013, by the Board of Directors.
Speaking on the occasion, Ashwani Kumar said, “Dena Bank is targeting credit growth of 17% and deposit growth of 14%-15%. Bank expects to maintain NIM in the range of 2.75% to 3.00%. Having opened 45 branches during first half and further plans to open 125 new branches in the second half of FY 2013-14.
Bank has undertaken various CSR activities like Medi claim to farmer borrowers, donation of wheel chairs to the physically challenged persons, water tanks in the drought-hit areas of Maharashtra, health checkup camps, and scholarships to girl child etc. Bank has initiated close monitoring of borrowal accounts to prevent slippages.
Bank is monitoring all accounts above Rs 10 cr on daily basis. Bank has launched various new IT products — issue of gift & travel cards, issuance of on-line fixed deposits, SMS based help for customers grievance redressal and service, App on smart phones and tablets, self service lobbies etc.
Non-interest income was at Rs 515.36 cr as on 30.09.2013 as compared to Rs 275.52 cr as on 30.09.2012 — an increase of 87.05%. Net interest Income [NII] for the Half Year ended 30th Sept, 2013 was at Rs 1,229.90 cr compared to Rs 1,211.52 cr for the half year ended 30th Sept, 2012 — a growth of 1.52%.
Book Value per Share rose to Rs. 181.36 as on 30.09.2013 when compared to Rs.138.19 as on 30.09.2012. Net Interest Margin: Interest Spread to average interest earning assets for the half year ended 30.09.2013 has been at 2.55%.
Net profit per employee is at Rs. 4.75 lacs and the Net Profit per Branch is at Rs. 41.74 lacs during year ended 30.09.2013. During the half year, the bank opened 45 branches across the country.