CHENNAI: Dena Bank is planning to increase its pan-India presence in 2010-11 as part of its expansion drive, according to Chairman and Managing Director D. L. Rawal.
Mr. Rawal was in Chennai on Monday in connection with the inauguration of a branch of the bank at Tambaram, near here.
Addressing presspersons Mr. Rawal said the bank had planned to open more than 100 branches during 2010-11, including 30 in unbanked areas and seven in minority concentrated districts. The branch network had reached to 1,248 with the opening of the Tambaram branch. He said the bank had licences for opening 56 branches. Besides, it would seek licences for 44 more branches from the Reserve Bank of India. Mr. Rawal said all the branches were covered under the core banking system.
Business mix
On the bank's performance, the CMD said it had a total business mix of Rs.91,195 crore as on June 30, 2010, against Rs.71,044 crore in the corresponding period in the previous year, a growth of 28.4 per cent. In the three months ended June 30, 2010, the bank posted a 21 per cent rise in its net profit to Rs. 138.79 crore from Rs. 115.02 crore. The bank announced three new deposit schemes which would be available for customers from Tuesday.
The principle amount under Dena Double scheme get doubled in 9 years with an effective interest rate of 7.78 per cent per annum for general public and 8.28 per cent for senior citizens. Deposits under Dena 551 would earn 7.25 per cent (7.75 per cent for senior citizens) for a period of 551 days. Deposits under Dena 1001 would earn 7.50 per cent (8 per cent for senior citizens) for a period of 1001 days.
Mr. Rawal said the bank was targeting to mobilise Rs. 1,500 crore under Dena Double and Rs. 3,000 crore under two other schemes during the scheme period, that is, from August 25 to September 26.
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