Dhanlaxmi Bank shares jump 11% after lender swings to profit in June quarter with Rs 28 PAT vs Q1FY23 loss
Dhanlaxmi Bank shares jumped over 11% on the NSE on Monday after the private lender reported a net profit of Rs 28.30 crore in the quarter ended June 30 versus a loss of Rs 26.43 crore it reported in corresponding period of the previous financial year. The earnings were announced on Monday during the market hours. The stock traded amid high volumes with nearly 1.26 crore shares changing hands on the NSE.
The interests earned during the reporting quarter stood at Rs 289.14 crore, up 12% year-on-year from Rs 258.37 crore in Q1FY23. Interest expended in the quarter was Rs 170.51 crore, up 20.8% YoY from Rs 141.07 crore in April-June quarter of the last financial year. The gross NPA stood at Rs 523.38 crore as on June 30, versus Rs 553.82 crore in the year-ago period.
From 6.35% in Q1FY23, the gross NPA margin slipped to 5.21% in the quarter under review. The same was marginally up on a quarter-on-quarter basis from 5.19 in Q4FY23. The net NPA stood at Rs 105.18 crore in Q1FY24 versus Rs 226.03.
It was down to 1.09% in the reporting period versus 2.69 in the corresponding quarter of FY23. The capital adequacy ratio (CAR) was reported at 12.57% in the said quarter versus 12.19% in Q1FY23. The total revenue stood at Rs 341.40 crore versus Rs 236.82 crore.
The stock hit its 52-week high of Rs 26.40 December 26, 2022, while the 52-week low stands at Rs 11.35, which the stock hit on October 21, 2022. The banking stocks were trading in the green on Monday, tracking the positive sentiments in the overall markets. The banking gauge was trading at 45,640.95 around the closing time, up 172.85 points or 0.38%.IDFC First Bank and Bandhan Bank were the top gainers in the index while Kotak Mahindra Bank was the biggest loser.
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