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Business News/ Markets / Stock Markets/  Dhanlaxmi Bank stock gains another 5%, up nearly 70% in last 10 sessions; here's why
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Dhanlaxmi Bank stock gains another 5%, up nearly 70% in last 10 sessions; here's why

Shares of Dhanlaxmi Bank surged 5% in intraday trade, reaching ₹53.75 apiece, the highest level since August 2014. The stock has seen a remarkable ascent in the last 10 trading sessions, reflecting a stellar return of 69%.

In the first half of the financial year 2023–24 (H1FY24), the bank achieved its highest-ever half-yearly net profit, reaching ₹51 crore. (Mint)Premium
In the first half of the financial year 2023–24 (H1FY24), the bank achieved its highest-ever half-yearly net profit, reaching 51 crore. (Mint)

Shares of Dhanlaxmi Bank surged an additional 5% in today's intraday trade, reaching 53.75 apiece, marking highest level since August 2014. In the last 10 trading sessions, the stock has witnessed a remarkable ascent, climbing from 30.30 apiece to 51.20, reflecting a stellar return of 69%.

In the current month so far, the stock has jumped by 75.37%. Despite this sharp runup, the shares are trading 75% below their all-time high of 212 apiece, touched in 2010.

On January 01, the bank released its Q3FY24 business update, reporting an 11.5% YoY improvement in its total business, reaching 24,657 crore. The bank's gross advances showed healthy growth, reaching 10,347 crore in Q3FY24, a notable increase of 11.93% compared to Q3FY23 gross advances of 9,244 crore.

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Additionally, the total deposits of the bank grew by 10.60% YoY to 14,310 crore in Q3FY24. The Current Account and Savings Account (CASA) stood at 4,459 crore, marking a 5.69% increase from 4,219 crore in Q3FY23.

The CD ratio for the quarter was reported at 72.31%, showcasing an improvement from 71.45% in the corresponding quarter of the previous year. The bank gold loan business expanded by 28.36% to 2,675 crore, compared to 2,084 crore in the corresponding quarter of last year.

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In the first half of the financial year 2023–24 (H1FY24), the bank achieved its highest-ever half-yearly net profit, reaching 51 crore. This impressive result was primarily driven by a substantial improvement in other income, which recorded a remarkable increase of 6163%, reaching 75.79 crore compared to 1.21 crore in H1FY23.

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Established in 1927, Dhanlaxmi Bank is actively involved in providing a comprehensive range of banking and financial services, encompassing retail banking, corporate banking, and treasury operations, with a significant presence in southern states.

As of September 30, 2023, the bank boasted 255 branches, 275 ATMs and recyclers, and 17 business correspondents, strategically spread across 14 states and 1 Union Territory.

Disclaimer: We advise investors to check with certified experts before taking any investment decisions.

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Published: 29 Jan 2024, 12:30 PM IST
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