Dhanlaxmi Bank’s net profit fell by 43.3% for first quarter ended June 2011 to Rs 3.4 crore from Rs 6 crore a year ago on erosion in interest margin due to rising fund costs.
Total income for the quarter under review rose by 86% to Rs 371 crore from Rs 199 crore in Q1 FY11. However, its net interest margins (NIM) dipped to 2.0% from 2.6% in the same period last year due to rise in cost of funds, private sector bank said in a statement.
src-BS & rediff
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