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Monday, August 12, 2013

Deutsche Bank aims to double India income

German lender Deutsche Bank plans to double its revenue from India operations by scaling up its transaction and retail banking business in the country. The bank had reported a 25% rise in yearly profits from India operations, helped by increased lending in its retail and wholesale businesses. Its net profit for the year ended March rose to Rs 1,033 crore, driven largely by a 78% growth in loans. During the year, Deutsche Bank increased its capital in India by over Rs 1,060 crore, the sixth infusion since 2007.

"We will significantly scale up our transaction banking businesses by doubling it over the next three years," said Ravneet Gill, chief executive of Deutsche Bank's India operations. "We will continue to invest into our retail bank, which is being built around mortgage and business banking."

Source: EconomicTimes


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