For the first time private sector bank Dena bank decided to establish its branch in London by the end of December. Dena Bank executive director Ashok Dutt reported that reserve bank of India and UK authority has approved for establishing the representative office in London. Further he stated that within a year the branch will be completely ready to serve the customers.
Due to the glooming economy the bank was forced to decrease its loan growth target to 15-16 percent from the earlier estimate of 18 percent. In 2012-13 the credit growth of the bank was noticed 16.27 percent to Rs 66,456.88 crore, as against Rs 57,159.20 crore outstanding at the end of March 2012.
Further the bank is planning to launch its branches in Hong kong , Nairobi and Johannes burg. During the second quarter bank faced a 55.19 percent decline in net profit at Rs 107.38 crore, on account of higher provisions.