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23.79% net profit announced by DENA Bank for Q2

Mumbai: November 6,2012

State –owned Dena Bank has announced 23.79% increase its net profit for the quarter ending September 30, 2012.  The net profit has increased from Rs.193.58 crore of previous years to Rs.239.64 crore in Q2 FY 2012. The total income of the bank grew 33.23% to Rs.2327.84 cr from Rs.1747.19 cr in Q2 FY 2012.

 

MSME has been identified as one of the growth engines for increasing credit portfolio of the Bank. Central Processing Cells are set-up in all the 21 Regional offices for speedy processing of MEME proposals. Interest rates on MSME advances are also significantly reduced to make it competitive. Banks has also entered into tie-up with different auto manufacturers for financing of 3 wheelers. The Bank is having 95 specialized MSME Branches for better servicing to MSME Sector. Banks has also formulated Line of Credit facility ( Open Composite Facility) and also Joint Organisation Policy for increasing MSME financing.

 

The Bank has also successfully implemented Financial Inclusion Plan for providing banking services in 730 villages, with population below 2000 out of the allotted target of 833 villages have also been covered.

 

Bank has set up Ultra Small Branches in 683 villages, which are serviced through Business Correspondent Model. Remaining 47 villages are provided banking services through full fledged branches.

 

 

Bank has opened 14.60 lacs No. Frills Accounts till 30th September 2012 against target of 12 lacs for FY 2012-13.

 
PIB Release/MH/231

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