Dhanlaxmi Bank targets 60% biz growth this year

Dhanlaxmi Bank is targeting a 60-per cent growth in its business to Rs 20,000 crore by the end of March 2011. The Kerala-based bank believes that the expansion drive undertaken last year will help the bank to go pan-India and achieve the ambitious target.

Dhanlaxmi Bank is targeting a 60-per cent growth in its business to Rs 20,000 crore by the end of March 2011. The Kerala-based bank believes that the expansion drive undertaken last year will help the bank to go pan-India and achieve the ambitious target.

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Dhanlaxmi embarked on a significant expansion drive last fiscal year by adding 63 branches and 207 automated teller machines (ATMs).

“Last year, we created a platform for growth and capacity. This year, we will leverage the investments made previous year. We will look to increase volumes across all businesses and improve bottomline,” said Bipin Kabra, chief financial officer, Dhanlaxmi Bank.

The bank now has a network of 270 branches and 280 ATMs.

Of the targetted business of Rs 20,000 crore, the bank plans to achieve Rs 12,000 crore as deposits and Rs 9,000 crore as advances. The total business of the bank stood at Rs 12,000 crore by the end of March 2010.

Dhanlaxmi has a client base of around 1.5 million is also planning to increase the share of retail banking in its total business. In 2009-10, wholesale banking contributed around 62 per cent, while retail banking contributed 13 per cent to the bank’s total business.