Dhanlaxmi Bank: Dhanlaxmi Bank reports growth at 12% yoy; deposits up by 10.6%

Private sector Dhanlaxmi Bank on Monday said that its advances grew 12% year-on-year while deposit moblisation rose a little slower at about 11%.

The bank’s gross advances stood at Rs 10,347 crore at the end of December. Its gold loan business — giving loans against gold jewellery — jumped 28.4% to Rs 2675 crore, according to provisional data submitted by the bank to stock exchanges.

The bank, despite facing governance issues time and again, managed to grow deposits 10.6% to Rs 14310 crore. Of this, 31% consists of the low cost current and savings account.

Last September, the bank’s independent director Sridhar Kalyanasundaram resigned alleging factionaism by board members, unethical business conduct of the bank’s businesses and misuse of the one-time settlement scheme in bad loan management.

The bank shared the business update after the market hours. Its share price rose 0.75% to Rs 30.95 on BSE.