Financial Daily from THE HINDU group of publications
Tuesday, Jul 02, 2002
Money & Banking
Corporate Results - Private Banks
Dhanalakshmi Bank net up 49 pc
KOCHI, July 1
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.
Meanwhile, the operating profit shot up 105 per cent to touch Rs 50.59 crore (Rs 24.72 crore), a fax from the bank has said.
The 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 fax said. The total NRI 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 bank made a trading profit of Rs 39.98 crore, while the investment portfolio increased from Rs 560.45 crore to Rs 651.31 crore. The yield from investments was 11.09 per cent.
The capital adequacy of the bank grew to 11.23 per cent as against the RBI stipulated 9 per cent. The bank recently went in for a rights issue, which was fully subscribed and yielded Rs 27.48 crore, the fax said.
Consequently, the bank's net worth has crossed the Rs 100 crore mark, as against Rs 78 crore recorded at the end of March 2001. The bank, which is celebrating the platinum jubilee year plans to open new branches in places such as Chennai, Hyderabad, Mumbai and New Delhi.
The bank has also finalised plans to invest around Rs 40 crore in IT and to expand its branch network in the coming years. The bank will have anywhere banking, Internet banking and telebanking soon.
The bank has introduced cash management services for quick collection of outstation cheques in 29 branches and will be extending this service to another 40 more branches shortly.
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