Dena Bank net profits increase in Q4 by 49%

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Dena Bank announced their Q4 results on Saturday. They reported 49 percent increase in their net profit to Rs. 187.28 crore in their fourth quarter ended on March 31, 2014.

The state-owned bank’s total income stood at Rs. 2,866.78 crore as compared to Rs. 2,539.74 in the January-March quarter of 2013-14. Interest income showed a growth of 15.86% as it increased by Rs. 290.11 crore from Rs 2,304.26 crore last year to Rs. 2,594.37 crore. The bank’s Non-Performing Assets (NPA) increased to 3.33% from 2.19% in the same quarter last year.

While there was an increase in their profits, on the IT front, the bank is looking forward at various investments.The bank has announced 200 E-Lobbies across the country. They have also provided on-site ATM’s in most of their branches.

On Financial Inclusion, Dena Bank has adopted an aggressive approach as they have covered 190 more villages as compared to their target of 2,768 villages.

Bank has also procured 2,000 micro ATMs for providing to Business Correspondents engaged in rural areas. This device will facilitate intra-bank, inter-bank, RuPay Card and Aadhaar Enabled Payment System transactions.

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