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Dhanalakshmi Bank net up 49% to Rs 10 cr
Our Banking Bureau
2 July 2002

The net profit of the Thrissur-based Dhanalakshmi Bank has grown by 48.74 per cent to touch Rs 10.07 crore for the year 2001-02 as against Rs 6.77 crore recorded for the previous year.

The operating profit shot up 105 per cent to touch Rs 50.59 crore (Rs 24.72 crore), a release from the bank has said.

domain-B's currency converter - check it outThe total business of the bank during the year grew by Rs 200 crore to Rs 2,575 crore (Rs 2,375 crore). The average cost of deposits came down from 8.92 per cent to 8.53 per cent, while the cost of average working funds fell from 8.16 per cent to 7.54 per cent.

The other income of the bank grew by 127 per cent to Rs 58.76 crore (Rs 25.94 crore). The operating spread also registered a significant increase of 154 per cent. The total non-resident Indian deposits held with the bank increased to Rs 271.42 crore, showing a growth of 16 per cent.

The ratio of operating profits to average working funds improved from 1.01 per cent to 2.75 per cent and the return on assets grew from 0.4 per cent to 0.53 per cent. While the business per employee improved from Rs 1.84 crore to Rs 1.99 crore, the earnings per share moved up from Rs 4.57 to Rs 7.07.

The capital adequacy of the bank grew to 11.23 per cent as against the Reserve Bank of India-stipulated 9 per cent. The bank recently send this article to a friend went in for a rights issue, which was fully subscribed and yielded Rs 27.48 crore.

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Dhanalakshmi Bank net up 49% to Rs 10 cr