Shares of Dhanlaxmi Bank surge after reporting Q1FY24 results!

Yesterday, Dhanlaxmi Bank reported a business update for the quarter ended June 30, 2023. Bank’s total deposits stood at Rs 13,374 crore (provisional) as of June 30, 2023 (Q1FY24), posting a 6% rise in year-on-year terms against Rs 12,576 crore as of June 30, 2022, and in quarter-on-quarter basis stood at Rs 13,352 crore as of March 2023. 

Its gross advances stood at Rs 10,044 crore (provisional) as of June 30, 2023, or Q1FY24, posting a 15% rise in year-on-year terms against Rs 8,724 crore as of June 30, 2022, and on a quarter-on-quarter basis stood at Rs 9,854 crore as of March 2023. The bank’s CASA grew 2% to Rs 4,240 crore (provisional) as of June 30, 2023, as compared to Rs 4,160 crore as of June 30, 2022, on a yearly basis. The bank has disbursed gold loans of Rs 2,451 crore (provisional) as of June 30, 2023, as compared to Rs 1,955 crore as of June 30, 2022. 

On Monday, the scrip closed at Rs 17.86 and today it opened at Rs 17.91, closing at Rs 18.26, up by 2.24%. It has a 52-week high of Rs 26.45 and a 52-week low of Rs 11.33. The company has a market capitalisation of Rs 460 crore. In the last 5 trading sessions, the company has gained around 9% and in the last one year it has delivered a return of approximately 55%. 

Dhanlaxmi Bank Ltd was incorporated in 1927 in Thrissur, Kerala is a publicly held banking company engaged in providing a wide range of banking and financial services including retail banking, corporate banking, and treasury operations with a major concentration in Southern states. The bank with its rich heritage has earned the trust and goodwill of clients. Bank’s focus has always been on customising services and personalising relations.