---
title: "Dena Bank(Merged) (DENABANK) — Share Price, Financials & Analysis"
symbol: "DENABANK"
company: "Dena Bank(Merged)"
canonical: "https://tapetide.com/stocks/DENABANK"
generated_at: "2026-10-13T10:59:34.407Z"
---

# Dena Bank(Merged) (DENABANK)

Canonical page: https://tapetide.com/stocks/DENABANK

## Company

- **Stock Type:** DELISTED
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** denabank.com

## About

Dena Bank (the Bank) is a public sector bank. The Bank's segments include Treasury Operations, Corporate/Wholesale Banking, Retail Banking and Other Banking Operations. The Bank offers deposits and loans, and Internet banking, corporate banking and international banking.

## Latest Price

## Key Insights

### Strengths

- Stock is trading at 0.35 times its book value

### Weaknesses

- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of 0.07% over past five years.
- Company has a low return on equity of -16.1% over last 3 years.
- Contingent liabilities of Rs.54,225 Cr.
- Earnings include an other income of Rs.1,082 Cr.

## Growth Rates

| Metric | 1Y | 3Y | 5Y |
| --- | --- | --- | --- |
| net income growth | -100% | — | — |
| revenue growth | -7% | -6% | 0% |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2016 | Jun 2016 | Sep 2016 | Dec 2016 | Mar 2017 | Jun 2017 | Sep 2017 | Dec 2017 | Mar 2018 | Jun 2018 | Sep 2018 | Dec 2018 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 2637 | 2686 | 2607 | 2591 | 2297 | 2383 | 2222 | 2260 | 2067 | 2249 | 2180 | 2053 |
| Expenses | 1508 | 1238 | 1130 | 1095 | 1471 | 1146 | 1327 | 1706 | 2640 | 1763 | 1509 | 1059 |
| Operating Profit | 1129 | 1448 | 1477 | 1495 | 826 | 1237 | 895 | 554 | -572 | 486 | 671 | 994 |
| OPM % | 43 | 54 | 57 | 58 | 36 | 52 | 40 | 25 | -28 | 22 | 31 | 48 |
| Other Income | 216 | 221 | 307 | 409 | 315 | 237 | 387 | 216 | 323 | 161 | 357 | 240 |
| Interest | 2012 | 2065 | 1936 | 1925 | 1847 | 1708 | 1621 | 1560 | 1567 | 1506 | 1454 | 1422 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | -667 | -396 | -152 | -21 | -706 | -234 | -339 | -790 | -1816 | -859 | -426 | -188 |
| Tax % | -51 | -30 | -71 | -269 | -19 | -43 | -45 | -52 | -33 | -16 | -2 | -5 |
| Net Profit | -326 | -279 | -44 | 35 | -575 | -133 | -185 | -380 | -1225 | -722 | -417 | -178 |
| EPS in Rs | -4.89 | -4.19 | -0.66 | 0.45 | -7.31 | -1.69 | -1.86 | -3.36 | -5.42 | -3.19 | -1.84 | -0.79 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2010 | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | TTM |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 4010 | 5034 | 6794 | 8899 | 9978 | 10763 | 10646 | 10182 | 8932 | 8549 |
| Expenses | 974 | 1368 | 1681 | 1964 | 3109 | 3037 | 4659 | 4997 | 6738 | 6970 |
| Operating Profit | 3037 | 3665 | 5113 | 6935 | 6870 | 7727 | 5986 | 5185 | 2194 | 1579 |
| OPM % | 76 | 73 | 75 | 78 | 69 | 72 | 56 | 51 | 25 | 18 |
| Other Income | 588 | 533 | 582 | 655 | 916 | 721 | 716 | 1251 | 1163 | 1082 |
| Interest | 2910 | 3270 | 4693 | 6516 | 7473 | 8316 | 8169 | 7773 | 6456 | 5949 |
| Depreciation | 28 | 31 | 36 | 41 | 55 | 65 | 85 | 3 | 80 | 0 |
| Profit before tax | 687 | 898 | 966 | 1032 | 258 | 67 | -1551 | -1340 | -3179 | -3288 |
| Tax % | 26 | 32 | 17 | 22 | -114 | -294 | -40 | -36 | -40 | — |
| Net Profit | 511 | 612 | 803 | 810 | 552 | 265 | -935 | -864 | -1923 | -2542 |
| EPS in Rs | 17.83 | 18.35 | 22.94 | 23.15 | 10.26 | 4.73 | -14.02 | -10.97 | -8.51 | -11.24 |
| Dividend Payout % | 11 | 12 | 13 | 20 | 21 | 19 | 0 | 0 | 0 | — |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2010 | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Sep 2018 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 287 | 333 | 350 | 350 | 538 | 561 | 667 | 787 | 2259 | 2259 |
| Reserves | 2315 | 3323 | 4127 | 5414 | 6605 | 6879 | 6475 | 6898 | 6944 | 5797 |
| Borrowings | 52906 | 65901 | 81048 | 105621 | 115189 | 119372 | 123702 | 119004 | 109691 | 104683 |
| Other Liabilities | 2079 | 1281 | 1863 | 2056 | 2532 | 3108 | 2598 | 2842 | 1966 | 1881 |
| Total Liabilities | 57587 | 70838 | 87388 | 113440 | 124863 | 129921 | 133442 | 129531 | 120860 | 114620 |
| Fixed Assets | 407 | 404 | 405 | 1110 | 1145 | 1154 | 1367 | 1575 | 1549 | 1534 |
| CWIP | 0 | 0 | 1 | 2 | 0 | 0 | 1 | 2 | 8 | 0 |
| Investments | 15694 | 18769 | 23028 | 34343 | 36612 | 32762 | 35226 | 39737 | 37610 | 38687 |
| Other Assets | 41485 | 51666 | 63954 | 77985 | 87107 | 96005 | 96847 | 88216 | 81693 | 74400 |
| Total Assets | 57587 | 70838 | 87388 | 113440 | 124863 | 129921 | 133442 | 129531 | 120860 | 114620 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2009 | Mar 2010 | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | 1674 | -633 | 9 | 303 | 3844 | -4544 | 3511 | -5168 | 110 | -1713 |
| Cash from Investing Activity | -36 | -46 | -42 | -79 | -82 | -107 | -130 | -144 | -52 | -75 |
| Cash from Financing Activity | 181 | -64 | 327 | -81 | 508 | 1202 | -78 | 1015 | 828 | 1481 |
| Net Cash Flow | 1819 | -743 | 294 | 142 | 4270 | -3449 | 3303 | -4298 | 886 | -307 |
| Free Cash Flow | 1638 | -679 | -33 | 250 | 3763 | -4680 | 3381 | -5312 | 59 | -1788 |
| CFO/OP | 71 | -15 | 9 | 13 | 65 | -66 | 45 | -84 | 2 | -77 |

### Ratios

| Item | Mar 2009 | Mar 2010 | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash Conversion Cycle | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Working Capital Days | -37 | -53 | 55 | 10 | 51 | 9 | 122 | 183 | 182 | 216 |
| ROCE % | 7 | 7 | 7 | 7 | 8 | 7 | 7 | 5 | 5 | 3 |

## Shareholding Pattern

### annual

| Category | Mar 2017 | Mar 2018 | Dec 2018 |
| --- | --- | --- | --- |
| Promoters | 68.55% | 80.74% | 80.74% |
| FIIs | 4.14% | 1.24% | 1.28% |
| DIIs | 14.44% | 10.13% | 10.07% |
| Public | 12.87% | 7.89% | 7.91% |
| No. of Shareholders | 222594 | 243396 | 249565 |

### Quarterly

| Category | Jun 2016 | Sep 2016 | Dec 2016 | Mar 2017 | Jun 2017 | Sep 2017 | Dec 2017 | Mar 2018 | Jun 2018 | Sep 2018 | Dec 2018 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 62.89% | 62.89% | 68.55% | 68.55% | 68.55% | 70.04% | 61.53% | 80.74% | 80.74% | 80.74% | 80.74% |
| FIIs | 4.06% | 5.03% | 4.19% | 4.14% | 3.38% | 2.66% | 2.84% | 1.24% | 1.33% | 1.29% | 1.28% |
| DIIs | 18.03% | 17.03% | 14.43% | 14.44% | 14.45% | 16.5% | 20.77% | 10.13% | 10.14% | 10.09% | 10.07% |
| Public | 15.02% | 15.05% | 12.82% | 12.87% | 13.61% | 10.79% | 14.85% | 7.89% | 7.78% | 7.88% | 7.91% |
| No. of Shareholders | 226934 | 224109 | 224412 | 222594 | 223088 | 221454 | 238221 | 243396 | 243363 | 247159 | 249565 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Sell
- **Buy / Neutral / Sell:** 4 / 6 / 9

### Moving Averages — summary: **Strong Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 23.21 | Sell |
| EMA (10) | 23.11 | Sell |
| SMA (20) | 24.19 | Sell |
| EMA (20) | 23.77 | Sell |
| SMA (50) | 24.15 | Sell |
| EMA (50) | 23.07 | Sell |
| SMA (100) | 19.46 | Buy |
| EMA (100) | 21.7 | Buy |
| SMA (200) | 19.21 | Buy |
| EMA (200) | 25.58 | Sell |

### Oscillators — summary: **Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 42.02 | Neutral |
| MACD (12,26,9) | -0.56 | Sell |
| Stochastic (14,3,3) | 26.03 | Neutral |
| ADX (14) | 21.66 | Neutral |
| Williams %R (14) | -82.65 | Buy |
| ATR (14) | 1.61 | High Volatility |
| ROC (12) | -11.64 | Sell |
| Stoch RSI (14) | 23.14 | Neutral |
| UO (7,14,28) | 46.33 | Neutral |

## Filings & Documents

### Other Documents

| Date | Document |
| --- | --- |
| 2019-03-08 | [Redemption Of 11.20% Dena Bank Tier II Bonds Sr. X](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=8af7d1df-a218-4f10-a65f-3a04064ba4a8.pdf) |
| 2019-03-08 | [Redemption Of 11.20% Dena Bank Tier II Bonds Sr. X](https://www.bseindia.com/xml-data/corpfiling/AttachHis/8af7d1df-a218-4f10-a65f-3a04064ba4a8.pdf) |
| 2019-03-02 | [Disclosure Under Regulation 30 Of SEBI (LODR) Regulations, 2015](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=ca760aba-8d73-4f55-a51a-c895be308fac.pdf) |
| 2019-03-02 | [Disclosure Under Regulation 30 Of SEBI (LODR) Regulations, 2015](https://www.bseindia.com/xml-data/corpfiling/AttachHis/ca760aba-8d73-4f55-a51a-c895be308fac.pdf) |
| 2019-02-27 | [Certificate Of Payment Of Annual Interest](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=420cd2bd-4a51-49a6-8926-5fe61ac20bc0.pdf) |
| 2019-02-27 | [Certificate Of Payment Of Annual Interest](https://www.bseindia.com/xml-data/corpfiling/AttachHis/420cd2bd-4a51-49a6-8926-5fe61ac20bc0.pdf) |
| 2019-02-21 | [Record Date for Scheme of Amalgamation](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=D8330BB6_F6C8_4868_B9E3_A55DC1B2B5A2_153309.pdf) |
| 2019-02-21 | [Amalgamation Of Dena Bank And Vijaya Bank With Bank Of Baroda - Intimation Of Record Date](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=07f97441-48b4-4ac4-a235-1359983840fc.pdf) |
| 2019-02-21 | [Record Date for Scheme of Amalgamation](https://www.bseindia.com/xml-data/corpfiling/AttachHis/D8330BB6_F6C8_4868_B9E3_A55DC1B2B5A2_153309.pdf) |
| 2019-02-21 | [Amalgamation Of Dena Bank And Vijaya Bank With Bank Of Baroda - Intimation Of Record Date](https://www.bseindia.com/xml-data/corpfiling/AttachHis/07f97441-48b4-4ac4-a235-1359983840fc.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| Mar 2018 | [Annual Report 2018](https://www.bseindia.com/bseplus/AnnualReport/532121/5321210318.pdf) |
| Mar 2017 | [Annual Report 2017](https://www.bseindia.com/bseplus/AnnualReport/532121/5321210317.pdf) |
| Mar 2016 | [Annual Report 2016](https://www.bseindia.com/bseplus/AnnualReport/532121/5321210316.pdf) |
| Mar 2015 | [Annual Report 2015](https://www.bseindia.com/bseplus/AnnualReport/532121/5321210315.pdf) |
| Mar 2014 | [Annual Report 2014](https://www.bseindia.com/bseplus/AnnualReport/532121/5321210314.pdf) |
| Mar 2013 | [Annual Report 2013](https://www.bseindia.com/bseplus/AnnualReport/532121/5321210313.pdf) |
| Mar 2012 | [Annual Report 2012](https://www.bseindia.com/bseplus/AnnualReport/532121/5321210312.pdf) |
| Mar 2011 | [Annual Report 2011](https://www.bseindia.com/bseplus/AnnualReport/532121/5321210311.pdf) |
| Mar 2010 | [Annual Report 2010](https://www.bseindia.com/bseplus/AnnualReport/532121/5321210310.pdf) |
| 2010 | [Annual Report 2010](https://archives.nseindia.com/annual_reports/AR_DENABANK_2009_2010_20082010120000.zip) |

### Earnings Call Documents

| Date | Document |
| --- | --- |
| Nov 2017 | [Concall - Nov 2017](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=af231392-9162-4c48-b606-29458018f2ab.pdf) |

### Credit Rating Reports

| Date | Document |
| --- | --- |
| 2019-01-11 | Credit rating update — CRISIL |
| 2018-10-22 | Credit rating update — India Ratings |
| 2018-09-26 | Credit rating update — CARE Ratings |
| 2018-09-19 | Credit rating update — CRISIL |
| 2018-05-29 | Credit rating update — CARE Ratings |
| 2018-03-05 | Credit rating update — CARE Ratings |

---

Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-10-13T10:59:34.407Z.