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Dhanalakshmi Bank’s net up 36%

Thrissur: Dhanalakshmi Bank has registered a 35.56 per cent growth in net profit for the six-month period ended September 30,2008, with Rs.18.30 crore against the Rs.13.50 crore net profit in the corresponding period of the previous year.

Total income of the bank increased from Rs.170.73 crore as on September 30, 2007, to Rs 208.05 crore; a growth of 21.86 per cent. Non-interest income increased from Rs.14.53 crore to Rs.23.31 crore during the period — up by 60.43 per cent — as a result of the bank’s focus on fee-based business, according to a release from the bank.

Total deposits increased from Rs.3,247.30 crore to Rs 3,936.23 crore and total advances moved up from Rs.1,978.31 crore to Rs.2,549.36 crore. Priority sector advances as a percentage to the net bank credit touched 49.71 per cent at the end of September this year, well above the RBI benchmark of 40 per cent. Further, agricultural outstandings as a percentage of net bank credit for the same period was 19.6 per cent, as against the RBI norm of 18 per cent.

The bank continued its involvement in micro-finance during the year with outstandings under this sector increasing from Rs.71.75 crore to Rs.110.94 crore, the release said. Thrust was laid on recovering non-performing assets (NPA) resulting in net NPA as a percentage of net advances declining from the 1.23 per cent of last year to 0.91 percent. The bank is fully core banked with all its 181 branches and 26 extension counters covered, the release added.

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