Dhanlaxmi Bank

The bank's total business grew 11.26 per cent to Rs 23,194 crore as on March 2023

The bank management and shareholders have reached compromise formulae on the issue of appointing the latter's representatives as directors on the bank's board

Dhanlaxmi Bank on Wednesday reported a multi-fold rise in net profit at Rs 15.89 crore for September quarter 2022-23 on lower provisions for bad loans. The bank had clocked a net profit of Rs 3.66 crore in the year-ago period. In the previous June quarter, the bank incurred a net loss of Rs 26.43 crore. Total income increased to Rs 285.26 crore in September quarter from Rs 266.79 crore earlier, Dhanlaxmi Bank said in a regulatory filing. Interest income rose to Rs 262.50 crore from Rs 229.01 crore. Operating profit was up 35 per cent at Rs 35.35 crore. Gross non-performing assets (NPAs) of the bank were 6.04 per cent of gross advances at the end of September 2022 as against 8.67 per cent by the year-ago period. Net NPAs or bad loans were trimmed to 2.32 per cent from 4.92 per cent. Thus, provisions for bad loans and contingencies fell to Rs 19.46 crore for the quarter, as against Rs 22.60 crore set aside for the year-ago period. Dhanlaxmi Bank said it has recovered Rs 3.32 crore

Kerala HC on Tuesday ruled in favour of the bank on the issue of writ petitions filed by four persons demanding board positions

The shareholders seek to suspend powers exercised by CEO Shivan JK in respect of all capital and revenue expenditure, except statutory payments such as salaries and wages

Through another resolution, the shareholders are also seeking a settlement on the issue of a legal battle with some shareholders regarding board positions.

The differences between the two are being complicated by an unsolicited bid from a little-known Delhi-based business group

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According to sources familiar with the development, Dhanvarsha has offered Rs 11.85 per share, totalling Rs 300 crore, to acquire the entire equity stake in the bank

Lender was aiming to raise Rs 127 crore for growth plans

Total income during April-June quarter of 2022-23 was down at Rs 237 crore as against Rs 246 crore in the year-ago period. The interest income, however, was up at Rs 258 crore as against Rs 218 crore.

CLOSING BELL: The top laggards were Bajaj Finserv, IndusInd Bank, Bajaj Finance, Hindalco, Tech M, Tata Motors, ICICI Bank, Adani Ports, NTPC, and TCS

Stocks to watch today: Dhanlaxmi bank saw no outcome or resolution in their EGM meeting; Media stocks are expected to hog limelight ahead of day 2 of IPL's media rights auction.

The EGM was called by a group of minority shareholders unhappy with the workings of the bank and its financials

The Dhanlaxmi Bank EGM has been called by a group of eleven minority shareholders unhappy with the working of the bank, and its financials

The bank's capital adequacy ratio fell below 13% in the March quarter and capital raised via the rights issue is expected to boost it by 50 bps

Private sector lender Dhanlaxmi Bank on Thursday reported over four-fold jump in its net profit at Rs 23.42 crore in quarter ended March 2022, on fall in bad loan ratio as well as interest income

The Reserve Bank has extended the tenure of its additional director G Jagan Mohan on the board of Dhanlaxmi Bank by two years, as per a regulatory filing

His resignation is to be effective from December 31, 2021

Dhanlaxmi Bank on Friday reported a nearly 74 per cent plunge in its net profit to Rs 3.66 crore in quarter ended in September 2021 as provisions rose due to a spike in bad loans.