State-run Dena Bank today reported widening of losses to Rs 575.26 crore for the quarter ended March 31, 2017 as bad loans rose sharply. The bank had reported a loss of Rs 326.38 crore in the same period of the previous fiscal. The bank has not recommended any dividend for 2016-17.
However, the bank’s board has approved raising capital of up to Rs 1,800 crore in one or more tranches by issue of shares to government on preferential basis or through FPO or rights issue or Qualified Institutional Placement (QIP), Dena Bank said in a statement.
Its total income during the January-March quarter also declined to Rs 2,612 crore, as against Rs 2,853 crore in the same period a year ago. The bank’s gross non-performing assets (NPAs) during the quarter rose significantly to 16.27 per cent as against 9.98 per cent in the same year-ago period.
In terms of value, gross NPAs were at Rs 12,619 crore, up from Rs 8,560 crore in the year-ago period. Net NPAs also rose to 10.66 per cent as against 6.35 per cent a year ago. For the entire financial year 2016-17, the bank’s loss declined to Rs 864 crore as against a loss of Rs 935.32 crore in the previous fiscal.