State-run Dena Bank today reported a loss of Rs 380.07 crore for the third quarter ended December 31, due to surge in bad loans and provisioning.
The bank had posted a profit of Rs 35.3 crore in the same quarter last year. Total income also declined to Rs 2,475.96 crore from Rs 2,999.5 crore in the December quarter previous fiscal.
On asset quality front, gross NPAs further deteriorated to 19.56 per cent from 14.79 per cent in the same quarter a year ago. Net NPAs went up to 11.52 per cent from 9.52 per cent at the end of December 2016.
As a result, provisions for bad loans more than doubled to Rs 1,044.28 crore as against Rs 426.62 crore in the year-ago period. Besides, the Board has cleared a proposal to raise up to Rs 3,045 crore by way of preferential issue of equity shares to Government of India.
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