Dhanlaxmi Bank reports 17.14% increase in net profit for FY 2024
Dhanlaxmi Bank Limited has announced its financial results for the fiscal year ended March 31, 2024, showcasing a robust year-on-year growth in profitability and business metrics. The bank recorded a net profit of Rs. 57.82 crore, marking a 17.14% increase from the previous year’s figure of Rs. 49.36 crore.
Key Financial Highlights
The bank’s total income for the fiscal year reached Rs. 1,359.55 crore, up by 18.66% compared to Rs. 1,145.75 crore in the previous year. This growth was driven by a significant increase in both interest and non-interest income. Interest income rose by 12.67% to Rs. 1,206.99 crore, while non-interest income more than doubled, showcasing an impressive growth of 104.75% to Rs. 152.56 crore.
Business Growth Metrics
Dhanlaxmi Bank also reported substantial growth in its total business, which increased by 6.39% to Rs. 24,687.21 crore. The total deposits stood at Rs. 14,290.31 crore, registering a growth of 7.03% over the previous year. Notably, the bank’s retail term deposits grew by 9.17% to Rs. 7,189.75 crore. The bank’s gross advances improved by 5.51%, amounting to Rs. 10,396.90 crore, with notable growth in gold loans which surged by 24.87% to Rs. 2,838.86 crore.
Operational Metrics
The return on assets improved to 0.38% from 0.34%, and the return on equity increased from 5.14% to 5.62%. Earnings per share rose from Rs. 1.95 to Rs. 2.29, reflecting the bank’s enhanced profitability.
Dhanlaxmi Bank’s operational footprint also expanded during the fiscal year, with the opening of eight new branches, including locations in Warangal and Dowleswaram, bringing the total number of branches to 261. The bank now operates across 14 states and two Union Territories.
The bank’s strategic focus on expanding its non-interest income and the robust growth in retail and gold loans signify a strong positioning for future growth. The increase in operational branches and ATMs underscores Dhanlaxmi Bank’s commitment to expanding its reach and enhancing customer service.