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Dhanalakshmi Bank's Q3 net up

Staff Reporter

KOCHI: Dhanalakshmi Bank's net profit for the nine months ending December 31 jumped nearly 200 per cent to reach Rs.10.13 crore.

During the same period last year, the net profit was Rs.3.42 crore. Operating profit increased from Rs.20.83 crore to Rs.27.45 crore, said a press release here on Tuesday.

Total income for the bank during the first three quarter of the current financial year stood at Rs.200.39 crore as against Rs.173.51 crore during the same period last year. Total expenditure increased from Rs.152.68 crore to Rs.172.94 crore.

Deposits increased from Rs.2,381 crore to Rs.2,816 crore for the one-year period from December 31, 2005. Net advances increased from Rs.1,487 crore to Rs.1,740 crore during the same period. Priority sector advances of the bank touched Rs.766.47 crore at 45.05 per cent of the net bank credit as on December 31, 2006. This is against the RBI benchmark of 40 per cent, said a press release.

The bank also succeeded in bringing down NPA levels. The NPA ratio came down from 3 per cent to 2.11 per cent between December 31, 2005, and December 31, 2006, the press release said. Yield on advances during the same period increased from 9.40 per cent to 10.04 per cent and yield of investments moved up from 7.46 per cent to 7.53 per cent.

The bank also made advances in technology induction with 150 branches being brought under anywhere banking facility. This added up to over 95 per cent of the bank's total business, said the release.

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