Dhanlaxmi Bank posts record high Rs 51.4cr net profit in H1 FY 2023-24
In a remarkable fiscal performance, Dhanlaxmi Bank has declared a soaring net profit of Rs. 51.46 crore for the first half of the financial year 2023-24. This marks a significant turnaround from the net loss reported in the same period of the previous financial year. Additionally, the standalone net profit for the second quarter grew by a robust 45.75%, underlining the bank’s strong financial momentum.
Year-on-Year Financial Growth Underlines Success
Dhanlaxmi Bank’s half-yearly results indicate the highest ever net profit, showcasing a 588.24% increase. Interest income and net interest income also saw a healthy rise of 13.86% and 2.50% respectively. The dramatic 6163.64% increase in other income significantly contributed to the bank’s total income, which jumped by 28.11%. Operating profit too witnessed an impressive growth of 168.84% on a year-on-year basis.
Dhanlaxmi Bank Achieves Remarkable Growth, Net Profit Hits Rs. 51.46 Crore in H1. Photo courtesy of Jpullokaran/Wikimedia Commons.
Bank’s Expanding Operational Footprint
The bank’s total business escalated to Rs. 24127.77 crore, marking a 10.39% growth. The deposits grew by 8.39%, with a noteworthy CASA ratio of 31.06%. Retail deposits saw an 8.36% increase. Gross advances improved by 13.19%, with the SME portfolio and Gold Loans growing by 11.48% and 26.60% respectively. The credit deposit ratio also showed improvement, reinforcing the bank’s financial stability.
“The financial results are very encouraging and reflect the progressive trend the bank is experiencing,” stated Shivan J K, the Managing Director and CEO of Dhanlaxmi Bank. With a network of 255 branches and a spread of ATMs across India, the bank continues to build on its recent initiatives and drive forward its growth trajectory.