By Vivek K Mob: 09920183006 Email: email@example.com
Dena Bank, India’s ‘Trusted Family Bank’, has announced that its Total Income for the Nine Months ended 31 December 2013 grew 14.44% to Rs. 8,028.42 cr in comparison to Rs. 7,015.11 cr for the nine months ended 31 December 2012 showing an increase of Rs. 1,013.31 crore [14.44%]. On comparison with the Nine Months ended 31 December 2012, Interest income increased by Rs. 788.98 crore (up 11.96%) from Rs. 6,595.12 crore to Rs. 7,384.10 crore for the nine months ended 31 December 2013. Total Income for Q3 FY2014 grew 10.56% to Rs. 2,662.80 cr in comparison to Rs. 2,408.42 cr for Q3 FY2013 showing an increase of Rs. 254.38 cr. Interest income increased by Rs 269.88 cr from Rs 2,263.96 cr for the quarter ended 31.12.2012 to Rs 2,533.84 cr [11.92%] for the Quarter ended 31.12.2013. The Board of Directors of Dena Bank Limited at its meeting held at Mumbai today, approved the audited accounts of the Bank for the quarter ended 31 December 2013. Shri Ashwani Kumar, Chairman and Managing Director, Dena Bank, announced the performance of the Bank after the adoption of the financial results for the quarter by the Board of Directors.
Mr. Ashwani Kumar, CMD, Dena Bank said, “Dena Bank is targeting credit growth of 17% and deposit growth of 14% – 15%. The Bank expects to maintain NIM in the range of 2.75% to 2.80%. Having opened 69 branches during nine months ended Dec-13. The Bank further targets to open 81 new branches by March-14. As per part of corporate social responsibility, the Bank has devised schemes in tie-up with United India Insurance Co [UIIC] for the benefit of farmers to provide hassle free cashless mediclaim facility to the farmers & their members with maximum cover upto Rs. 30,000/-. A corpus of Rs. 8 cr has been allocated for this scheme. The Bank has initiated close monitoring of borrowal accounts to prevent slippages. At present, Bank is monitoring all accounts above Rs. 10 cr on daily basis. The Bank has launched various new IT Products viz. 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. The Bank has opened two such lobbies called e-lobby in Mumbai so far. To cater to needs of new branches being opened and provide personalized customer service, Bank has completed recruitment process for inducting 670 Probationary Officer, 437 Specialist Officers, 872 clerks during the year and the selected candidates are in the process of joining.”
Total Business of the Bank as on 31.12.13 stood at Rs. 1,65,976 cr as compared to Rs. 1,47,922 cr as on 31.12.2012. Total business increased by Rs. 18,054 cr with a growth of 12.21 % on y-o-y basis. Business per Branch has improved from Rs. 110.47 cr as on 31.12.2012 to Rs. 114.47 cr as on 31.12.2013. Deposits of the Bank increased to Rs. 96,081 cr as on 31.12.2013 from Rs. 84,882 cr as on 31.12.2012 recording a growth of 13.19% on y-o-y basis. Advances of the Bank increased to Rs. 69,895 cr as on 31.12.2013 from Rs. 63,041cr as on 31.12.2012 showing a growth of 10.87%. Credit Deposit ratio stood at 72.75%. Direct Agricultural advances of the Bank were at Rs. 6,451 cr as on 31.12.2013 as compared to Rs 4,935 cr as on 31.12.2012 showing growth of 30.72%. MSME advances of the Bank stood at Rs 11,902 cr as at 31.12.2013 as against Rs 9,494 cr as on 31.12.2012, showing growth of 25.37%. Retail advances increased to Rs 8,773 cr as on 31.12.2013 as against Rs 7,666 cr as on 31.12.2012 (up 14.45%).
For the nine months ended 31 December 2013, Non-Interest Income was at Rs. 644.32 crore as on 31.12.2013 as compared to Rs. 419.99 crore as on 31.12.2012 showing an increase of 53.41%. Net Interest Income [NII] for the nine months ended 31.12.2013 was at Rs. 1,890.78 crore compared to Rs. 1,821.13 crore for the nine months ended 31.12.2012 recording a growth of 3.82%. Book Value per Share rose to Rs. 187.97 as on 31.12.2013 when compared to Rs. 141.66 as on 31.12.2012. Net Interest Margin: Interest Spread to average interest earning assets for the Nine Months ended 31.12.2013 has been at 2.60%. Net Profit per employee was at Rs 3.78 lakh and the Net Profit per Branch was at Rs. 33.51 lakh for nine months period ended 31.12.2013. During the Nine Months, the Bank opened 69 Branches across the country.
For Q3 FY2014, Non-Interest Income was at Rs 128.96 cr as on 31.12.2013 as compared to Rs. 144.46 cr as on 31.12.2012 showing a decrease of 10.73%. Net interest Income [NII] for the quarter ended 31st December 2013 is at Rs. 660.89 cr as compared to Rs. 614.90 cr for the quarter ended 31st December 2012 recording a growth of 7.48%. Net Interest Margin: Interest Spread to average interest earning assets for the quarter ended 31.12.2013 has been at 2.66%. On sequential basis NIM is increased by 9 bps. Net Profit per employee was at Rs. 2.11 lakh and Net Profit per Branch was at Rs 18.70 lakh during quarter ended 31.12.2013. During the quarter, the Bank opened 24 Branches across the country.
Asset Quality & Recovery
NPA: Gross NPA Ratio of the Bank has decreased from 3.00% to 2.96% on sequential Basis. However it is increased from 2.09% to 2.96% on y-o-y basis. In absolute terms, Gross NPA has increased from Rs. 1,317 cr as to Rs. 2,066 cr. Similarly, Net NPA ratio on sequential basis is decreased from 2.02% to 2.00% and on y-o-y basis it has increased from 1.31% to 2.00%. In absolute terms, Net NPA has increased from Rs. 817 cr to Rs. 1,379 cr. Provision Coverage Ratio for the quarter is 63.92%. Cash Recovery: Bank effected cash recovery and upgradation of Rs 86.83 cr, during the Quarter ended 31st December 2013 compared to Rs 42.18 cr in the corresponding quarter of previous year. Provision Coverage: Provision Coverage Ratio for the quarter is 63.92%.
Capital Adequacy Ratio: CRAR under Basel III norms stood at 10.61 % as of Dec, 2013 with Tier I at 7.31%, as compared to 10.21% with Tier I at 6.78% as of September 2013. Net worth of the Bank stood at Rs. 5624.53 cr as on 31.12.2013 as compared to Rs. 4,781.35 cr as on 31.12.2012.
Dena Bank has been allotted total of 2,768 villages under Financial Inclusion Plan (FIP) for coverage by March 2014 of which, 2,254 villages have been covered. The Bank has also successfully launched Direct Benefit Transfer Scheme as per Government of India guidelines through Aadhaar Payment Bridge System [APBS] and Aadhaar Enabled Payment System [AEPS]. Similarly, in Urban areas, Bank is pursuing financial inclusion by covering unbanked pockets of urban centres, which are predominantly inhabited by people having no / difficult access to banking services i.e. migrant population and labourers, through set up of Kiosks operated by Geosansar Advisors Pvt. Ltd. Bank is Non State Registrar of Unique Identification Authority of India [UIDAI]. In 2nd phase, Bank has carried out Aadhaar Enrolment through 31 Enrolment Agencies in 9 States. So far, the Bank has enrolled 53,07,781 individuals in all 9 States for issuance of Aadhaar as on 31 December 2013.
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.