Report on Result Update: Dena Bank (Q4 FY13) – India Infoline (IIFL) – 14th May, 2013
Dena Bank (Q4 FY13) – BUY CMP Rs91, Target price Rs105, Upside 15.4% ² After resilient performance in past, Dena Bank shocked the street with a steep fall in net profit by 39.1% qoq/50.7% yoy. Dip in Net Interest Income (8.6% qoq), sharp rise in Opex (25.4% qoq) driven by wage revision and significantly higher …