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Dhanalakshmi Bank's net touches Rs. 7.02 cr.

Special Correspondent

Kochi: Dhanalakshmi Bank nearly tripled its net profit to Rs.7.02 crore for the half-year that ended September 30, 2006 as compared to Rs. 2.38 crore in the year-ago period, registering a growth of 195 per cent.

The total income of the bank rose by 12.3 per cent to Rs. 129.44 crore as on September 30, 2006, from Rs.115.30 crore as on September 30, 2005. Non-interest income increased to Rs. 14.45 crore from Rs.11.08 crore as a result of the special thrust on fee-based business through cross selling efforts.

The total deposits of the bank increased from Rs. 2,351.83 crore as on September 30, 2005. to Rs. 2,642.51 crore as on September 30, 2006. Total advances moved up from Rs.1,535.72 crore to Rs. 1,775.72 crore during the same period.

The cost of deposits declined from 5.24 per cent to 5.22 per cent, while the yield on advances increased from 9.32 per cent to 9.97 per cent, a press release said.

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