Dena Bank aims total biz of Rs 1.5 lakh cr in FY13
"We will end this fiscal with a total business of Rs 1.5 lakh crore," Dena Bank Chairman and Managing Director Nupur Mitra said.
The bank aims to have a credit growth of 18 per cent and deposit growth of 17 per cent in FY13, Mitra added.
By the end of September quarter, the public sector lender had gross advances of Rs 59,406 crore and total deposit of Rs 83,552 crore, taking the total business to Rs 1.43 lakh crore.
The bank, which has seen advances growth of 37.83 per cent and deposit growth of 30 per cent in the second quarter of FY13 over the same period last year, however, said reduction in rates in some segments had an impact on its net interest margin.
"Reduction in NIM in the last quarter was due to rationalisation of loan rates in some segments. However, we hope to have a NIM of around 3 per cent by the end of this financial year," she said.
Referring to reduction in interest rates after RBI's recent reduction in cash reserve ratio (CRR), Mitra said slashing of rates would happen as the cost of deposits go down.
"We have already reduced rates in specific segments. So, there is a possibility of reduction in base rates as the cost of deposit goes down," he said, adding she