Dhanlaxmi Bank registers 62% increase in Q4 net profit at ₹38.17 crore

Dhanlaxmi Bank It recorded a net profit of Rs.38.17 crore during the fourth quarter of FY23 as against a net profit of Rs.23.42 crore in the corresponding quarter of FY22. Standalone operating profit for the fourth quarter was Rs.38.56 crore.

The bank also recorded a net profit of Rs.49.36 crore for the whole of FY23 as against a net profit of Rs.35.90 crore for FY22. The operating profit for the financial year ended 31st March 2023 was Rs.123.20 crore.

The total business reached ₹23,206 crore from ₹20,847 crore on 31st March 2022, registering a growth of 11.32 per cent. Deposits registered a growth of 7.65 per cent to Rs. 13,352 crore from Rs. 12,403 crore. As of March 31, 2023, the share of current and savings accounts is 31.91% of total deposits.

Total Progress registered a growth of 16.7 per cent to Rs.9,854 crore from Rs.8,444 crore. Gold loan portfolio registered a growth of 23.39 per cent to Rs.2,274 crore from Rs.1,843 crore. The CD percentage improved to 73.80 percent from 68.08 percent. Annual net interest income increased from ₹362.31 crore to ₹475.76 crore and net interest margin improved from 3 to 3.60 per cent.

Total income increased by ₹60 crore from ₹1,085.75 crores to ₹1,145.75 crores, registering a growth of 5.53 per cent. Asset quality improved significantly with total NPA down 113 basis points and net NPA down 169 basis points year-on-year to 5.19% and 1.16% respectively.

The provision coverage ratio improved from 80.64 percent to 90.61 percent. The book value of the shares improved from INR 35.57 to INR 37.99 and earnings per share for the financial year 2022-23 was Rs 1.95.

A press release stated that the bank will continue to focus on current and savings accounts, retail advances including gold loans, interest-free income and asset quality assurance during the current year.