Thrissur-based Dhanlaxmi Bank has posted a 207 per cent growth in its net profit at ₹28.30 crore in Q1 FY24 against net loss of ₹26.43 crore for the same period of last fiscal. 

Operating profit increased to ₹57.94 crore from a loss of ₹5 crore during the period. Total income increased by 44 per cent to reach ₹341.40 crore from ₹236.82 crore. Interest income increased to ₹289.14 crore from ₹258.37 crore. Total business reached to ₹23,442 crore from ₹21,300 crore, recording 10 per cent growth.

Total deposits reached ₹13,402 crore from ₹12,576 crore. CASA share of total deposits was 31.65 per cent, while retail deposits registered a growth of 7 per cent to reach ₹6,762 crore.

Also read: Axis Bank Q1 PAT up 41% on strong growth in other, net interest income

Shivan J K, Managing Director &CEO said the bank’s performance in Q1 was encouraging, supported by growth in retail advances. The growth is expected to catch momentum in the coming quarters of the current financial year. The bank will continue its focus on CASA, retails deposits, retail and MSME advances while ensuring credit quality.

The bank had 255 branches and 273 ATM/recyclers and 17 business correspondents as on June 30, across 14 states and 1 Union Territory. Two new branches were opened in the quarter: one at Kottakkal in Malappuram and another at Arasavilli in Srikakulam District, Andhra Pradesh.

Gross advances improved to ₹10,040 crore from ₹8,724 crore. SME Portfolio grew by 12.43 per cent and gold loans registered a growth of 25 per cent to reach ₹2,540.99 crore. Credit Deposit ratio improved from 69.37 to 74.91 per cent. Asset quality improved significantly with Gross NPA coming down by 114 bps and net NPA coming down by 160 bps to 5.21 per cent and 1.09 per cent respectively.

Also read: UCO Bank Q1 result to be declared on Friday