Dhanalakshmi Bank's net profit touches Rs 10.13 crore

Kochi, Jan 30 (UNI) Dhanalakshmi Bank has recorded a net profit of Rs 10.13 crore for the period ended December 2006 as against Rs 3.42 crore in the corresponding period previous year.

Addressing a press conference here, Bank CEO and Managing Director D S Prasad said the operating profit increased from Rs 20.83 crore to Rs 27.45 crore, recording a growth of 31.78 per cent.

The total income for the first three quarters was Rs 200.39 crore compared to Rs 173.51 crore in the last fiscal.

During the period, total expenditure increased from Rs 152.68 crore to Rs 172.94 crore and the income increased due to improved operational performance and continued thrust on cross selling of insurance products, Mr Prasad added.

Total deposits increased from Rs 2381 crore to Rs 2816 crore at 18.27 per cent and net advances increased from Rs 1487 crore to Rs 1740 crore with a growth of 17.01 per cent.

The priority sector advances touched Rs 766.47 crore for the period accounting for 45.05 per cent of net bank credit as against the RBI benchmark of 40 per cent, he added.

The concerted efforts on the NPA front resulted in the net NPA ratio declining from three per cent as on December 2005 to 2.11 per cent as on December 2006. During the same period, yield on advances increased from 9.40 per cent to 10.04 per cent while yield of investments moved up from 7.46 per cent to 7.53 per cent.

UNI