Dhanlaxmi Bank Q3 net up 26 pc at Rs 21 cr as bad loans fall

New Delhi, Feb 4 () Dhanlaxmi Bank on Tuesday reported a 26 per cent rise in net profit at Rs 21.28 crore for the third quarter ended December on healthy core income and fall in bad loan ratio.

The private sector lender had registered a net profit of Rs 16.90 crore during the corresponding period in previous fiscal.

Total income rose to Rs 285.85 crore from Rs 272.16 crore in October-December 2018-19, Dhanlaxmi Bank said in a regulatory filing.

The bank's interest income rose to Rs 280.88 crore during the reported quarter from Rs 245.08 crore a year ago. Income from other sources also increased to Rs 34.97 crore as against Rs 27.08 crore in the year-ago period.

Gross non-performing assets (NPAs) came down to 7.13 per cent of gross advances at the end of December 2019 from 8.11 per cent a year ago.

Net NPAs stood at 1.62 per cent, down from 2.93 per cent.

In absolute terms, gross NPAs stood at Rs 490.47 crore at the end of third quarter, lower than Rs 507.95 crore a year ago.

Net NPAs also came down to Rs 105.21 crore from Rs 173.58 crore.

Provisions for bad loans and contingencies rose to Rs 24.35 crore during the quarter from Rs 20.17 crore a year ago.

Provision coverage ratio as on December 31, 2019 stood at 89.31 per cent, the bank said.

Shares of Dhanlaxmi Bank on Tuesday closed 0.49 per cent lower at Rs 14.18 on the BSE. KPM RVK