Dhanlaxmi Bank shares surge over 6% on Q3 business update
₹24,657 crore for the quarter ending December. 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. Additionally, the total deposits of the bank grew by 10.60% YoY to ₹14,310 crore in Q3FY24.
Also Read: Yes Bank shares cheer New Year after receipt of ₹150 crore from bad loan sale The Current Account and Savings Account (CASA) stood at ₹4,459 crore, marking a 5.69% increase from ₹4,219 crore. 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 said its gold loan business expanded by 28.36% in Q3FY24 to ₹2,675 crore, compared to ₹2,084 crore in the corresponding quarter of last year.
Also Read: New Year Stock Picks: Mphasis, 4 others among top picks by Religare for 2024 Following the positive Q3 business update, the bank's shares commenced today's trading session positively at ₹31.80 apiece, compared to the previous closing price of ₹30.95. The shares further rallied to ₹32.90 apiece, reflecting a gain of 6.3%. In 2023, the shares performed well, delivering a return of 55%, gaining from ₹20 apiece to ₹30.65.
Nevertheless, the shares are trading 85% below their all-time high of ₹212 apiece, touched in 2010. Also Read: The rise and rise of retail loans, now over ₹50 trillion 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
. Read more on livemint.com
