Dhanlaxmi Bank Q2 net plunges 74% as bad assets rise

Dhanlaxmi Bank Q2 net plunges 74% as bad assets rise
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Dhanlaxmi Bank Q2 net plunges 74% as bad assets rise In value terms, gross NPAs increased to Rs 604.15 crore from Rs 448.72 crore in the year-ago period.

Dhanlaxmi Bank on Friday reported a 74% year-on-year (Y-o-Y) decline in its net profit to Rs 3.66 crore for the quarter ended in September 2021 as provisions rose due to a spike in bad loans. The Thrissur-based lender had reported a net profit of Rs 14.01 crore in Q2 of FY21 and Rs 6.79 crore in the preceding quarter.

Provisions and contingencies have increased by 422% to Rs 22.40 crore, as against Rs 4.29 crore in the year-ago period.

The asset quality has worsened with gross NPA as a percentage of gross advances rising to 8.67% for the quarter under review, against 6.36% in the second quarter of last fiscal and 9.27% in Q1 of FY22.

The net NPA ratio was reported at 4.92%, compared to 1.66% reported in the year-ago period and 4.58% in the first quarter of the current fiscal.

In value terms, gross NPAs increased to Rs 604.15 crore from Rs 448.72 crore in the year-ago period.

The total income for Q2 of FY22 was higher by 6.7% YoY to Rs 266.59 crore, while the bank’s interest income falling to Rs 229.01 and other income increasing to Rs 37.58 crore from Rs 5.69 crore in the comparable period of last fiscal.

The provision coverage ratio (including technical write-off) as of September 30, 2021, was 74.18% and the capital adequacy ratio stood at 13.64%.

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