Shares of Dhanlaxmi Bank rose another 5% in today’s intraday trade, reaching ₹53.75 per, marking the highest level since August 2014. In the last 10 trading sessions, the stock has witnessed a remarkable ascent, climbing from ₹30.30 per to ₹51.20, reflecting a stellar return of 69%.
In the current month so far, the stock has jumped 75.37%. Despite this sharp rise, the stock is trading 75% below its all-time high ₹212 per, affected in 2010.
On January 1, the bank released its Q3FY24 business update, reporting an 11.5% YoY improvement in its total business, reaching ₹24,657 crores. The bank’s gross advances showed healthy growth, reaching ₹10,347 crore in Q3FY24, a remarkable increase of 11.93% compared to Q3FY23 gross advances. ₹9,244 crores.
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Additionally, the bank’s total deposits grew by 10.60% YoY to ₹14,310 crore in Q3FY24. The Current Account and Savings Account (CASA) stood at ₹4,459 crore, marking a 5.69% increase from ₹4,219 crore in Q3FY23.
The CD ratio for the quarter was reported at 72.31%, showing an improvement from 71.45% in the corresponding quarter of the previous year. The bank gold loan business expanded by 28.36% to ₹2,675 crore, compared to ₹2,084 crore in the corresponding quarter last year.
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In the first half of the financial year 2023–24 (H1FY24), the bank achieved its highest ever half-yearly net profit, reaching ₹51 crores. This impressive result was mainly driven by a great improvement in other income, which recorded a remarkable growth of 6163%, reaching ₹75.79 crore as compared to ₹1.21 crore in H1FY23.
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Established in 1927, Dhanlaxmi Bank is actively engaged in providing a wide range of banking and financial services, encompassing retail banking, corporate banking, and treasury operations, with a significant presence in southern states.
As of September 30, 2023, the bank boasted of 255 branches, 275 ATMs and recycling machines, and 17 business correspondents, strategically spread across 14 states and 1 Union Territory.
Disclaimer: We advise investors to check with certified experts before making any investment decisions.
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Published: 29 Jan 2024, 12:30 IST