The new generation private sector lender Dhanlaxmi Bank decided to pick up 15% stake in Destimoney Securities (DSPL), a 100% subsidiary of Destimoney Enterprises Pvt Ltd. Destimoney Enterprises is a financial advisory firm, which is owned by New Silk Route (NSR), a private equity firm.
Bipin Kabra, CEO, Dhanlaxmi Bank, said, ?The investment in Destimoney Securities is of strategic importance to Dhanlaxmi Bank and is part of our plans to provide investment-savvy customers cost-effective financial solutions. The synergy is expected to increase our overall CASA deposits.?
Meanwhile, the bank on Thursday posted a net profit of Rs 1.6 crore for the July-September as against Rs 6.26 crore in the corresponding quarter of 2009-10?a fall of 74% y-o-y due to higher operating expenses and greater provisioning. Total income was up 52% y-o-y at Rs 229 crore while other income rose 34% y-o-y to Rs 37 crore during the same period.