Dhanlaxmi Bank Q2 net profit climbs ~11.4% y-o-y to ₹25.80 Crore

18 Oct 2024 , 10:18 AM

Dhanlaxmi Bank Ltd has announced its financial results for the quarter and half-year ended September 30, 2024, which demonstrate a significant recovery. The private sector bank posted a net profit of ₹25.8 Crore in the second quarter, compared to a ₹8 Crore loss in the previous quarter.

This is a 11.4% rise from the previous year’s ₹23.16 Crore reported in the same quarter. 

In the September 2024 quarter, the bank’s retail banking income increased to ₹219.6 Crore from ₹186.76 Crore in the previous quarter. This is a 26.6% year-on-year increase from ₹173.45 Crore in the same period last year. Total revenue for all segments was ₹380.64 Crore, up 16.25% from ₹327.43 Crore in the previous year and 12.6% sequentially. 

Dhanlaxmi Bank’s provision coverage ratio as of September 30, 2024 was reported to be 88.8%. In Q2 FY25, total Non-Performing Assets (NPA) declined by 23.8% year on year to ₹421.26 Crore, from ₹552.59 Crore the previous year. This is a modest decrease from ₹430.16 Crore in the June 2024 quarter.

Net NPA decreased by 5.5% year-on-year to ₹120.3 Crore, down from ₹127.3 Crore previous year. It also decreased by roughly 8% quarterly.

Gross NPA as a proportion of total advances decreased to 3.82% in Q2 FY25, down from 5.36% in the same quarter the previous fiscal year and 4.04% sequentially. Net NPA was 1.12%, compared to 1.29% a year before and 1.26% in the previous quarter.

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