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Last Updated : Oct 31, 2019 01:04 PM IST | Source: Moneycontrol.com

Dhanlaxmi Bank Q2 profit jumps 82%, net NPA falls sharply

Net NPA as a percentage of net advances dropped 70bps QoQ to 1.65 percent in quarter ended September 2019.

 
 
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Dhanlaxmi Bank reported a healthy growth of 81.6 percent year-on-year in September quarter profit at Rs 22.1 crore, with sharp fall in non-performing assets.

The growth was driven by strong operating profit, other income and NII. The lender had reported profit at Rs 12.1 crore in year-ago period.

Net interest income, the difference between interest earned and interest expended, grew by 15.1 percent to Rs 100.6 crore YoY in Q2FY20, with loan growth at 7.2 percent YoY.

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The bank showed substantial improvement in asset quality with gross non-performing assets (NPA) as a percentage of gross advances falling 55bps sequentially to 7.06 percent.

Net NPA as a percentage of net advances dropped 70bps QoQ to 1.65 percent in quarter ended September 2019.

Provisions and contingencies for the quarter stood at Rs 25.38 crore against writeback of Rs 18.19 crore in corresponding period previous fiscal.

Dhanlaxmi reported other income at Rs 23.51 crore against loss of Rs 17.92 crore in same period last year and operating profit at Rs 47.45 crore against loss of Rs 6.04 crore YoY.

The stock gained around 50 percent in last one year. It was quoting at Rs 17.18, up Rs 0.90, or 5.53 percent on the BSE at 1245 hours IST.

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First Published on Oct 31, 2019 01:04 pm
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