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Spurt in Dhanlaxmi Bank net

CHENNAI: The net profit of Dhanlaxmi Bank has shot up to Rs.7.30 crore during the quarter ended December 31, 2010, from Rs. 1.30 crore in the corresponding period previous year. The improved performance was driven by growth in non-interest income and overall growth in business. The bank plans to raise equity capital of up to Rs. 1,000 crore by issuing not exceeding 5.5 crore equity shares of the face value of Rs. 10 each. The equity issue will augment the Tier-I capital base of the bank. The bank will use the capital to support its business growth and expansion plans while further strengthening its capital adequacy ratio. Total business grew by 76.1 per cent to Rs. 18,303 crore from Rs. 10,393 crore.

The bank's total income increased from Rs. 156 crore to Rs. 283 crore, recording a growth of 81 per cent. Non-interest income rose from Rs. 17 crore to Rs. 33 crore, as a result of the focussed thrust on fee based business.

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