Dena Bank Q3 FY 2015 Net Rises 13% to Rs. 76.56 Crore

Dena Bank, India’s ‘Trusted Family Bank’, has announced that its Net Profit for the quarter ended December 31, 2014, Net Profit has increased from Rs. 67.80 crore for Dec 2013 Q to Rs. 76.56 crore for Dec 2014Q showing an increase of 12.92% on y-o-y basis. On sequential basis, Net Profit has increased by 48.42% over Sept 2014 Quarter, which was 51.58 crore. Shri Ashwani Kumar, Chairman and Managing Director, Dena Bank, announced the financial results of the Bank for the Quarter/ Nine Months ended 31st Dec 2014 after adoption by the Board of Directors.

During current Quarter ended 31.12.2014, Total income stood at Rs.2,867.32 crore as compared to Rs. 2,662.80 crore for the Quarter ended 31.12.2013 showing an increase of Rs.204.52 crore [7.68%]. Interest income increased by Rs. 137.27 crore from Rs. 2,533.84 crore for the quarter ended 31.12.2013 to Rs. 2,671.11 crore [5.42%] for the Quarter ended 31.12.2014. Non-interest income was at Rs. 196.21 crore as on 31.12.2014 as compared to Rs. 128.96 crore as on 31.12.2013 showing a increase of 52.15%. Net Profit per employee is at Rs. 2.03 lakh and Net Profit per branch is at Rs. 16.74 lakh during quarter ended 31.12.2014.

Shri Ashwani Kumar, Chairman and Managing Director, Dena Bank, said, “Going forward, Dena Bank is targeting a business growth of 12-14 % in FY 2014-15 in line with the present trend in the banking industry. Dena Bank targets to open 150 new branches during FY 2014-15. The Bank continues its focus on Retail & MSME advances while strengthening of Loan Processing Centres. Leveraging IT Initiatives, the Bank has provided 1432 on-site ATMs and 123 off-site ATMs. This quarter also witnessed the Issue of RuPay Platinum Debit Card; Mobile Banking on USSD platform has been made operational and E-KYC has been made operational. To cater to needs of new branches being opened and provide personalized customer service, Bank has recruited 446 POs, 114 Specialist Officers and 503 Clerks during the Nine Months ended Dec 2014.”

Dena Bank opened 3,41,311 accounts as on launching date i.e.28.08.2014 as against target of 2.00 lacs accounts under Prime Ministers Jan Dhana Yojana (PMJDY). As on 30.09.2014 Bank has opened 10 lacs accounts having balance of Rs. 28.83 cr as against target of 7,50,000 accounts under PMJDY. As on 07.11.2014 , 12.93 lac accounts are opened having balance of Rs.51.14 cr and RuPay cards have been issued to 8,64,829 accounts holders. Dena Bank has already  covered 6,293 villages under Financial Inclusion as allotted  for coverage by March-2015. The Bank has opened 19,23,641 accounts under PMJDY scheme as on 31.12.2014. The Bank has enrolled 4,14,35,281 residents for Adhaar Number as of Dec-2014. The Bank has also successfully launched and implementing Direct Benefit Transfer Scheme as per Govt. of India Guidelines through Adhaar Payment Bridge System (APBS) and Adhaar Enabled Payment System (AEPS). The Bank has opened 44.50 lacs BSBDAs (Basic Savings Bank Deposit Accounts) and has extended in-built OD facility in 23.58 lacs accounts.

Total Business of the Bank as on 31.12.2014 stood at Rs. 1,82,263 cr as compared to   Rs. 1,65,976 cr as on 31.12.2013. Total business increased by Rs. 16,287 cr with a growth of 9.81%on y-o-y basis. Deposits of the Bank increased to Rs. 1,06,907 cr as on 31.12.2014 from Rs. 96,081 cr as on 30.09.2013 recording a growth of 11.27%  on y-o-y basis. Advances of the Bank increased to Rs. 75,356 cr as on 31.12.2014 from Rs. 69,895 cr as on 31.12.2013 showing a growth of 7.81%.  Credit Deposit ratio stood at 70.49%. a. Direct Agricultural Advances of the Bank stood at Rs. 7,871 cr as on 31.12.2014 as compared to Rs. 6,451 cr as on 31.12.2013 showing growth of 22.00%. b. MSME advances of the Bank stood at Rs.13,787 cr as at 31.12.2014 as against Rs. 11,902 cr as on 31.12.2013, showing growth of 15.84%. c. Retail advances increased to Rs. 10,005.16 cr as on 31.12.2014 as against Rs.8,773.00 cr as on 31.12.2013 showing growth of 14.04%.

The highlights for the nine months ended December 2014 are as follows: Business Mix has increased by 9.81% on Y-o-Y at ` 1,82,263 cr; Deposits have increased by 11.27% on Y-o-Y at Rs. 1,06,907 cr; CASA deposits have increased by 8.53% on Y-o-Y at Rs. 30,138.11 cr with share of 28.19% of total Deposit; Gross Advances have increased by 7.81% on Y-o-Y at Rs. 75,356 cr; Priority Sector Advances have increased by 33.07% on Y-o-Y at Rs. 27,770 cr; Direct Agriculture Advances have increased by 22.00% on Y-o-Y at Rs. 7,871 cr; MSME Advances have increased by 15.84% on Y-o-Y at Rs. 13,787 cr;Retail Advances have increased by 14.04% on Y-o-Y at Rs. 10,005 cr; Total Interest Income for Q3 of FY 2014-15 has increased by 5.42% to Rs. 2,671.11 cr from Rs. 2,533.84 cr for Q3 of FY 2013-14; Non-Interest Income for Q3 of FY 2014-15 increased by 52.12% at Rs. 196.21 cr as compared to Rs. 128.96 cr in Q3 of FY 2013-14. NPA Reduction - In compliance to DFS directives for Resolution of NPAs, Bank will strive to offload NPAs to ARCs.

Dena Bank has opened 19,23,641 accounts under PMJDY (Prime Minister’s Jan Dhan Yojana)  scheme as on 31.12.2014. The Bank has opened 44.50 lacs BSBDAs (Basic Saving Bank Deposit Accounts) and has extended in-built OD facility in 23.58 lacs accounts. The Bank has enrolled 4,14,35,281 residents for Aadhaar Number as of Dec-14. The 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).