Dhanlaxmi Bank net profit jumps over four-fold to Rs 23 crore

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 healthy interest income.

The bank had posted a net profit of Rs 5.28 crore in the year-ago period.

Total income during January-March period of 2021-22 rose to Rs 302.58 crore as against Rs 233.43 crore in the same period of FY21, Dhanlaxmi Bank said in a regulatory filing.

Bank's interest income during the fourth quarter of FY22 grew by 10.4 per cent to Rs 234.91 crore from Rs 212.77 crore in the a year-ago quarter.

However, for the full fiscal year 2021-22, bank's net profit fell by 3.5 per cent to Rs 35.90 crore from Rs 37.19 crore in 2020-21.

Total income on the other hand grew by 3.1 per cent to Rs 1,085.76 crore during the year as against Rs 1,052.97 crore in the preceding fiscal.

On asset front, the Gross Non-Performing Assets (GNPAs) of the bank were trimmed to 6.32 per cent of the gross advances as of March 31, 2022 from 9.23 per cent recorded in the same period of FY21.

In value terms, gross NPAs stood at Rs 533.54 crore as on March 2022, down from Rs 657.21 crore as of March 2021.

Net NPAs also declined by 2.85 per cent to Rs 232.16 crore as against 4.76 per cent at Rs 322.92 crore in the previous year.

The bank said that ''no divergence was observed by the RBI for financial year 2020-21 in respect of bank's classification and provisioning under the extant prudential norms on income recognition, asset classification and provisioning''.

Stock of Dhanlaxmi Bank closed 5.25 per cent higher at Rs 13.43 apiece on the BSE.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)