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Dena Bank aims loan growth of 22-24% in FY11

Dena Bank aims loan growth of 22-24% in FY11
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First Published: Tue, Apr 27 2010. 06 57 PM IST
Updated: Tue, Apr 27 2010. 06 57 PM IST
Mumbai: State-run Dena Bank is targeting a loan growth of 22-24% in 2010-11, a top official on Tuesday.
The bank has sought Rs13,00 crore of capital from the federal government in the next 3 years to meet loan growth targets, D.L. Rawal, chairman and managing director, told reporters.
“We will be able to maintain capital adequacy of more than 12% with government capital infusion,” Rawal said.
The bank’s capital adequacy as on 31 March was at 12.77%.
The lender is also targeting a net interest margin of 2.65-2.70% in 2010-11, he said, adding the bank plans to start 400 new branches in the next 3 years to expand its footprint.
“We expect loan growth in the current year to be good, with lending to the infrastructure sector picking up,” he said.
Earlier in the day, the bank posted 23.42% rise in Jan-March net profit to 1.37 billion rupees on credit demand from both corporate and retail sectors.
The bank’s loan book rose 22.40% during FY10 on higher lending to retail, agriculture and medium businesses.
Shares in the bank ended down 0.42% at Rs83.70 in the Mumbai market that was down 0.31%.
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First Published: Tue, Apr 27 2010. 06 57 PM IST