KOCHI: Dhanlaxmi Bank announced its results for the first quarter ended June 30, 2011 with an increase of total business by 73 per cent to Rs 22,579 crore from `13,077 crore for the corresponding period, previous year.
The bank’s total deposits increased from Rs 7,747 crore to Rs 12,904 crore recording a growth of 67 per cent. Net advances rose by 82 per cent to Rs 9,675 crore, from Rs 5,329 during the same period.
Due to the high cost of deposits, Net Interest Margin was at two per cent compared to 2.6 per cent in the corresponding quarter, previous year. Net profit was at Rs 3.4 crore compared to Rs 6 crore.
The bank’s total Capital Adequacy Ratio (CAR) as at June 30, 2011 (computed as per Basel II guidelines) remained at 11.4 per cent, as against the regulatory minimum of nine per cent.