Dhanlaxmi Bank Q2FY24 net profit grows 46% Y-o-Y to ₹23.16 cr

Dhanlaxmi Bank posted a 46 per cent growth in its net profit in Q2 of FY24 at ₹23.16 crore against ₹15.89 crore in the corresponding period of the previous fiscal.

• Also read: Capital Small Finance Bank reports 6.5% increase in Q2FY24 net profit at ₹24.29 cr

The bank’s operating profit for H1 grew 169 per cent from ₹30.33 crore to ₹81.54 crore in H1FY2023-24. Standalone operating profit for Q2 of FY24 was ₹23.60 crore. Total business reached Rs24,127.77 crore as on September 30, 2023 from ₹21,856.94 crore, recording 10.39 per cent growth.

Total deposits reached ₹13,817.22 crore as of September 30, 2023, from ₹12,747.63 crore. CASA share on total deposit as on September 30, 2023 was 31 per cent. Retail deposits registered a growth of 8.36 per cent to reach ₹6,914.51 crore.

Shivan J K, Managing Director and CEO, said, “the financial results are very encouraging and the same reflects on the progressive trend the bank is experiencing on account of the various initiatives undertaken in the recent past.”

• Also read: State Bank of India Q2 consolidated net profit grows 9.13% to ₹16,099 cr

Gross advances improved to ₹10,310.55 crore as on September 30, 2023, from ₹9,109.31 crore, recording a 13 per cent growth. SME Portfolio grew by 11.48 per cent and gold loans registered a growth of 27 per cent to reach 2,596.44 crore.

Asset quality improved significantly with gross NPA coming down by 68 bps and net NPA coming down by 103 bps on a Y-o-Y basis to 5.36 per cent and 1.29 per cent respectively. Provision Coverage Ratio improved from 83.25 per cent to 89.11 per cent. CRAR as on September 30, 2023 was 12.23 per cent with Core CRAR at 10.56 per cent.

The bank’s Return on Assets (ROA) and Return on Equity (ROE) as on September 30, 2023, was 0.68 per cent and 10.03 per cent respectively. Book Value of shares as on September 30, 2023 was ₹40.45 and market capitalization improved from ₹305.89 crore to ₹737.02 crore on Y-o-Y basis.

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