Despite being caught in a controversy when independent director Sridhar Kalyanasundaram levelled charges against the board of directors while resigning last month, Dhanlaxmi Bank has posted a strong performance in the September quarter.

The Kerala-based private lender has said its gross advances grew 13.2% to Rs 10,312 crore in the quarter ended 30 September 2023 compared to Rs 9,109 crore a year ago.

Total deposits grew 8.2% to Rs 13,789 crore, from Rs 12,748 crore in the same quarter of the previous fiscal. Within the deposit component, low-cost CASA (current account savings account), however, declined marginally to Rs 4,291 crore from Rs 4,324 crore during this period.

On the asset side, gold loan saw a 26.57% year-on-year rise to Rs 2,596 crore from Rs 2,051 crore in Q2 of FY23.

The credit-to-deposit ratio improved 3.33% to 74.78% in the September 2023 quarter, from 71.45% a year ago.

Total business of the bank grew 10.27% YOY to Rs 24,101 crore from Rs 21,857 crore in the year-ago period.

The quarterly update was provided by the bank to the stock exchanges.

In September, Kalyanasundaram resigned citing several issues like factionalism in the board, differences regarding rights issue and one-time settlement scheme of the bank in certain cases.