Public sector Dena Bank has entered into a bancassurance tie-up with standalone health insurer Apollo Munich Health Insurance. Under the tie-up, the bank will distribute customized Apollo Munich Health insurance and personal accident policies to its 20 million customers nationwide. Apollo Munich Health has developed specialized health insurance solutions with distinctive benefits and an uncomplicated application process, exclusively for Dena Bank customers.
The Bank has reported a net profit of Rs 35.31 crore for third quarter ended December 31, 2016, as compared to net loss of Rs 662.85 crore for the same quarter in the previous year. Total income of the Bank increased by 10.19% at Rs 2999.51 crore for quarter under review as compared to Rs 2722.23 crore for the quarter ended December 31, 2015.
The Bank’s gross NPA for the October-December quarter of the current fiscal increased to 14.79%, as compared to 9.85% in the same quarter of the previous year. Besides, Bank’s Net NPA stood at 9.52% in Q3FY17.