Public sector lender Dena Bank is planning to expand its presence in overseas markets. In this regard, the bank has already got the approval from the Reserve Bank of India for opening a representative office in the UK, while the bank is awaiting Finance Ministry’s approval. The bank is also planning to open its branches in the US and African countries.
Further, the bank will open nearly 200 branches in India during the current financial year. Last fiscal, it opened 122 branches across the country. In this regard, the bank had requested the government for capital infusion of Rs 1,260 crore to boost the Tier-I capital.
During the current fiscal, the bank was expecting 16% rise in deposits and 16% increase in advances. The bank’s net profit for the Q4FY13 declined by 50.68% at Rs 125.67 crore as compared to Rs 254.79 crore for the Q4FY12. However, its total income has increased by 17.23% to Rs 2539.74 crore for the quarter from Rs 2166.36 crore for the corresponding quarter of the previous year.
