Dena Bank plans to raise Rs 500-crore through Tier I capital | business | Hindustan Times
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Dena Bank plans to raise Rs 500-crore through Tier I capital

Public sector lender, Dena Bank, plans to raise Rs 500-crore in its Tier-1 structure this fiscal, a top bank official said. "We have requested the Government for raising Rs 500- crore through Tier I in the current year. The equity may be on a preferential basis," Dena Bank's Chairman and Managing Director, D L Rawal, told PTI in Mumbai.

business Updated: Jul 26, 2009 11:24 IST

Public sector lender, Dena Bank, plans to raise Rs 500-crore in its Tier-1 structure this fiscal, a top bank official said.

"We have requested the Government for raising Rs 500- crore through Tier I in the current year. The equity may be on a preferential basis," Dena Bank's Chairman and Managing Director, DL Rawal, told PTI in Mumbai.

"The Government is considering our request and I think we should get approval," Rawal said.

Despite the difficult business environment, the bank was able to register good results in Q1 FY 10. The net profit jumped by 68.40 per cent at Rs 115.02-crore in Q1 FY 10, as compared to a net profit of Rs 68.30-crore in the same period last year.

Total income rose to Rs 1,123.82-crore in the latest quarter as against Rs 834.40-crore in the same period previous fiscal.

Interest income increased by 26.19 per cent at Rs 968.47-crore in Q1 FY 10 as compared to Rs 767.46-crore in same period last year.

The bank's total deposits grew to Rs 42,744-crore.

The bank is now focussing on current account and savings account (CASA) accretion, Rawal said.