Dhanlaxmi Bank reports net loss of Rs 45 cr in Q1 as bad loans rise
The bank had registered a net profit of Rs 7.97 crore in the corresponding April-June quarter a year ago.
Private sector Dhanlaxmi Bank today reported a net loss of Rs 45 crore in the first quarter ended June 2018.
The bank had registered a net profit of Rs 7.97 crore in the corresponding April-June quarter a year ago. The losses widened against preceding March quarter's Rs 17.16 crore.
Total income during the said quarter was down at Rs 256.36 crore from Rs 287.25 crore a year ago, the bank said in a regulatory filing. The core income from interest was also down at Rs 239.92 crore in three months to June from Rs 259.30 crore a year in April-June of 2017-18.
Bank's gross bad loans as a proportion of gross loans by end-June 2018 spiked to 8.94 percent (Rs 531.05 crore), compared to 5.62 percent (Rs 354.13 crore) as on June 30, 2017.
Net NPAs were at 3.79 percent (Rs 212.84 crore), up from 3.15 percent (Rs 193.12 crore)
Provisions an contingencies increased to Rs 65.01 crore in the quarter, as against Rs 18.66 crore in the same period year earlier.
Provision coverage ratio was at 79.45 percent as on June 30, 2018.
The stock of the bank closed 0.29 percent down at Rs 17.15 on BSE.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)