KOCHI: Dhanalakshmi Bank is planning to do a business of Rs.6,000 crore in the current financial year.

Executive Director V.S.R. Murthy told a press conference here on Saturday that the bank had plans to open 32 more branches during the current fiscal. The bank is planning to open representative offices in foreign countries.

Mr. Murthy said the bank had recognised micro-financing as an effective tool for poverty alleviation. A sum of Rs.100 crores has already been distributed under the category. A target of Rs.200 crores has been set for micro-credit this year.

The bank has ventured into sale of both life and non-life insurance products. It is selling life insurance products of Metlife India and non-life insurance products of Iffco Tokio. It is a depository participant of National Security Depository Limited, offering Demat services through select branches.

With a view to making available value-added services to Non-Resident Indians (NRI), the bank has set up NRI Relationship Centres at eight locations in the State. It has also plans to open specialised NRI branches with accent on quality of service and thrust on specialisation at potential locations.

The bank has introduced tele-banking in 37 branches and Internet banking in 64 branches.

It has introduced centralised banking solution in 145 branches, covering 90 per cent of the total business. It has put in place a cash management system that provides speedier cheque collection through 59 branches.

The bank recorded an improvement in its operations during 2005-06 to post a net profit of Rs.9.51 crores as compared to a net loss of Rs.21.60 crores for the previous year.

The operating profit increased from Rs.18.45 crores to Rs.28.24 crores during the year, recording a growth of 53 per cent. The Board of Directors has recommended a dividend of 7 per cent for the year.

The total income of the bank increased from Rs. 206.88 crores to Rs. 236.94 crores during the year, recording a growth of 14.5 per cent.

Its non-interest income increased from Rs. 14.72 crores to Rs. 27.05 crores during the year registering a growth of 83.8 per cent.

The total deposits of the bank increased from Rs.2,339 crores as on March 31, 2005 to Rs.2,533 crores as on March 31, 2006.

The total advances moved up from Rs. 1,512 crores to Rs. 1,690 crores during the same period. Concerted efforts were made in <243> recovering non-performing assets.

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