Dena Bank

Fundamental Research Report of Book Profit- Dena Bank: Fairwealth Securities

Fundamental Research Report of Book Profit- Dena Bank: Fairwealth Securities

Dena Bank Ltd Quarterly Results Highlights:

Improved efficiency of the bank has led to 44% jump (Y-o-Y) and 11% jump (Q-o-Q) in NII to Rs 360cr. NIM has improved to 2.82% in the quarter under review from 2.80% in Q4FY10 and 2.42% in Q1FY10.

The Bank has able to grow its Advances grew by 34% to Rs 37884cr in Q1FY11 from Rs 28299cr in Q1FY10, while the Deposits growth rate stood at 24.72 to Rs 53311cr as against Rs 42745cr during Q1FY10. The CASA ratio of the bank stood at 35.7% against 35.2% a year ago.

Dena Bank ties-up with Fidelity Mutual Fund

Dena Bank ties-up with Fidelity Mutual FundDena Bank, one of India's established public sector banks, has announced that it has inked a mutual agreement with Fidelity Mutual Fund, for the distribution of its products.

With this tie up, Fidelity Mutual Fund’s entire range of mutual funds will now be available at the branches of Dena Bank.

Dena slashes PLR rates by 0.25 percent; Stock register 5% gains

Public sector lender, Dena Bank, has reduced its benchmark prime-lending rate (BPLR) by 0.25 per cent. The new rate will be 13 per cent, against the earlier 13.25 per cent.

The revised rate will come into effect from March 3. The move is in line with the rate cuts announced by leading public sector banks such as the SBI, Punjab National Bank, Bank of India and Union Bank.

Recently, Mumbai-based, Dena Bank announced that it will auction Rs 188.4 crore of its non-performing assets (NPAs) to bring down gross NPAs below 2.5 per cent by March 2008.