Home Market Dena shares lose ground as Q2 net loss swells

Dena shares lose ground as Q2 net loss swells

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Shares of Dena Bank pared early gains after net loss of the lender widened for the September quarter.

The loss swelled to Rs 416.70 crore for July-September as against net loss of Rs 185.02 crore in the same quarter last year.

Asset quality of the lender further deteriorated, with percentage of gross non-performing assets (NPAs) coming in at 23.64 per cent in Q2 FY19 over 17.23 per cent a year earlier and 22.69 per cent in the June quarter.

Percentage of net NPA also increased to 11.70 per cent during the quarter under review from 11.04 per cent in the preceding quarter. The figure stood at 10.61 per cent in the same period a year ago.

Jumping as much as 9.29 per cent, Dena Bank was 3.21 per cent up at Rs 16.10 after the announcement of quarterly results. The benchmark BSE Sensex was almost flat at 34,064 at around 1.20 pm.

Net interest income, however, increased 20.80 per cent YoY to Rs 725.63 crore for the said quarter.

Provisions and contingencies stood at Rs 867.83 crore in Q2 FY19 as against Rs 736.66 crore in Q2 FY18 and Rs 1,118.75 crore in the June quarter.

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