Dhanlaxmi Bank recorded net profit of Rs 28.30 crore in Q1FY24, compared to net loss of Rs 26.43 crore for the same period last financial year led by growth in retail advances and improvement in asset quality.
The Bank’s operating profit increased to Rs 57.94 crore in Q1 from a loss of Rs 5.02 crore in Q1FY23. Its Q1FY24 total income increased by 44.16 per cent YoY to Rs 341.40 crore from Rs 236.82 crore. The interest income for the bank increased to Rs 289.14 crore from Rs 258.37 crore, up 11.91 per cent YoY.
Dhanlaxmi Bank‘s asset quality improved significantly with Q1 Gross NPA coming down by 114 bps and Q1 Net NPA coming down by 160 bps on a Y-o-Y basis to 5.21 per cent and 1.09 per cent respectively.
Speaking on the bank’s performance in Q1, Shivan J K, MD & CEO of Dhanlaxmi Bank said, “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. Bank would continue its focus on CASA, retails deposits, retail and MSME advances while ensuring credit quality.”
Two new branches were opened in the quarter and with this the bank now has 255 branches and 273 ATM/recyclers spread across 14 states and 1 Union Territory.