Dena Bank, a public sector bank reported an increase of 14.54 per cent in the net profit for the quarter ended March 2011. During the quarter, the revenue of the bank increased to Rs 1,407.49 crores from Rs 1,063 crores last year in the corresponding quarter and the net profit of the company increased to Rs 157 crores from Rs 137.07 crores in the same quarter previous year.
Total income for the quarter rose 28.28 per cent to Rs 1,588.26 crores, as against Rs 1,238.10 crores in the previous year same quarter. On an annual basis, the profit for FY11 stood at Rs 611.6 crore, up 19.64 per cent from Rs 511.2 crore last fiscal.
The board of directors recommended dividend of 22 per cent which is Rs 2.20 a share on the face value of Rs 10 a share each for the financial year 2010-11. Shares of the company declined 3.71% and closed at Rs 103.90 today (29 April, 2011) on the Bombay Stock Exchange.
Dena Bank has recently entered into an agreement with United India Insurance for marketing general insurance policies through its branches. According to a release, the memorandum of understanding has been executed by M. K. Sharma, General Manager, Dena Bank, and B. Krishnamurthy, General Manager, United India Insurance Company, in Chennai on April 20 in the presence of G. Srinivasan, Chairman and Managing Director of United India Insurance.