Private sector lender Dhanlaxmi Bank on August 12 saw its shares fall over 6 percent after it posted Rs 8-crore loss in the June quarter as against net profit of Rs 28.3 crore in the year-ago period.
The company said that while the retail banking revenue stood at Rs 186.76 crore compared with Rs 199.79 crore last year. In terms of corporate banking revenue, there was an increase to Rs 89.36 crore in the quarter ended June 2024. Meanwhile, the Kerala-based bank's Net Interest Income (NII) declined by 15.6 percent YoY, totaling Rs 100 crore compared to Rs 118.5 crore in the year-ago period.
The bank, which was incorporated in Kerala’s Thrissur in 1927, has over 260 branches all over India. In June this year, the bank had announced the appointment of Ajith Kumar KK as Managing Director.
Kumar succeed JK Shivan, whose term was set to end on 29 January 2024. However, in January, the central bank gave nod to the bank's request to extend Shivan's tenure until a successor announced. In a July 31 exchange filing, the bank said that it had appointed Jineesh Nath CK as its additional director.
Additionally, in a business update for the June 2024 quarter, the private bank reported a 7.75 percent increase in total deposits at Rs 14,440 crore on a year-on-year (YoY) basis. The private bank’s total deposits stood at Rs 13,402 crore in the same quarter a year ago.
On August 12 at 3 pm, Dhanlaxmi Bank shares were trading 6.35 percent lower at Rs 40.59 apiece on BSE.
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