Dhanlaxmi Bank recorded a net profit of ₹57.82 crore for the financial year that ended on March 31 (FY24) against ₹49.36 crore in net earnings received in the previous year. The operating profit for the period came to ₹69.26 crore.
According to a press release issued by the bank, total business for FY24 reached ₹24,687.21 crore from ₹23,205.38 crore in 2023, registering a growth of 6.39%. Total deposits for FY24 reached ₹14,290.31 crore from ₹13,351.65 crore in 2023, recording a 7.03% growth. CASA share on total deposit of the bank was 30.66%. Retail term deposits registered a growth of 9.17%.
In addition, gross advances improved to ₹10,396.90 crore as of March 31, 2024 from ₹9,853.73 crore, recording a 5.51% growth. Gold loans registered a growth of 24.87% to reach ₹2,838.86 crore from ₹2,273.52 crore. Credit deposit ratio as of March 31, 2024 was 72.75%, the press release said.
During the just-concluded financial year, the bank made recovery from written off accounts, an amount of ₹30.18 crore. As of March 31, 2024, gross NPA came down by 114 bps and provision coverage ratio stood at 88.32%.
Commenting on the financial results and performance, Dhanlaxmi Bank Managing Director and CEO Shivan J.K. said, “The bank’s performance for the financial year 2023-24 is satisfactory with gross NPA contained and showcasing our resilience and strategic focus. Looking ahead, there is growing optimism about the bank’s prospects, as we anticipate leveraging the current positive market conditions to drive further growth.”