Dhanlaxmi Bank Q4 net up 63% to Rs 38 cr on improvement in asset quality

For the whole of FY23, the bank's net profit was up 37% to Rs 49.36 crore

Kerala-based Dhanlaxmi Bank's net profit has risen 63 per cent during the fourth quarter of the financial year 2022-23 to Rs 38.17 crore, from Rs 23.42 crore during the same quarter of FY22.

For the whole of FY23, the bank’s net profit was up 37 per cent to Rs 49.36 crore from Rs 35.90 crore a year ago. Operating profit for FY23 was Rs 123.20 crore. Standalone operating profit for the Q4 was Rs 38.56 crore.

The bank's total business reached Rs 23,206 crore as on March 31, 2023, from Rs 20,847 crore a year earlier, up 11.32 per cent. Deposits grew 7.65 per cent YoY to reach Rs 13,352 crore as on March 31, 2023 from Rs 12,403 crore a year ago. The CASA share of the bank was 31.91 per cent of total deposits in the reporting period.

 

Gross advance grew 16.7 per cent YoY to reach Rs 9,854 crore on March 31, 2023, from Rs 8,444 crore on March 31, 2022. The gold loan portfolio grew 23.39 per cent YoY to Rs 2,274 crore (Rs 1,843 crore on March 31, 2022).

Annual net interest income rose from Rs 362.31 crore to Rs 475.76 crore, up 31.31 per cent, whilenet interest margin improved from 3 per cent to 3.6 per cent. The bank's total income rose by Rs 60 crore, from Rs 1,085.75 crore to Rs 1,145.75 crore, up 5.53 per cent. Asset quality improved significantly with Gross NPA coming down by 113 bps and Net NPA coming down by 169 bps on a YoY basis to 5.19 per cent and 1.16 per cent, respectively. Provision Coverage Ratio improved from 80.64 per cent to 90.61 per cent.