Dena Bank

ICRA has placed the LAA rating assigned to the Rs. 300 crore bond programme and the A1 plus rating to the Rs. 500 crore Certificate of Deposits programme of Dena Bank under rating watch with negative implications.

The rating action follows reported deterioration in Dena Bank's performance on critical parameters of asset quality and profitability. Dena Bank made a loss of Rs. 266.13 crores in 2000-01 against a profit of Rs. 62.88 crores in 1999-2000.

The losses were mainly on account of increased operating expenses and higher provisioning requirements on non-performing assets. ICRA has taken up a detailed review of its assigned ratings; in the meanwhile the assigned ratings have been placed on rating watch with negative implications.

Corporate Bureau

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Section  : Business
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