Dhanlaxmi Bank Stock Continues Rally, Surges Another 5%, Up Nearly 70% in Last 10 Sessions
Dhanlaxmi Bank shares witnessed another impressive surge, gaining an additional 5% in today’s intraday trade and reaching ₹53.75 apiece. This marks the highest level for the stock since August 2014. Over the past 10 trading sessions, the stock has demonstrated a remarkable ascent, surging from ₹30.30 apiece to ₹51.20, reflecting an impressive return of 69%.
In the current month alone, the stock has experienced a substantial jump of 75.37%. Despite this recent sharp rise, the shares are still trading at a significant discount of 75% below their all-time high of ₹212 apiece, achieved in 2010.
On January 01, the bank released its Q3FY24 business update, revealing an 11.5% year-on-year improvement in total business, reaching ₹24,657 crore. The bank’s gross advances exhibited healthy growth, reaching ₹10,347 crore in Q3FY24, showcasing a notable increase of 11.93% compared to Q3FY23 gross advances of ₹9,244 crore.
Furthermore, the total deposits of the bank grew by 10.60% year-on-year, reaching ₹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’s gold loan business expanded by 28.36% to ₹2,675 crore, compared to ₹2,084 crore in the corresponding quarter of last year.
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.
Established in 1927, Dhanlaxmi Bank actively provides a comprehensive range of banking and financial services, including retail banking, corporate banking, and treasury operations. The bank has a significant presence in southern states, with 255 branches, 275 ATMs and recyclers, and 17 business correspondents strategically spread across 14 states and 1 Union Territory as of September 30, 2023.
