Dhanlaxmi Bank Q1 profit at Rs 20 cr

Dhanlaxmi Bank Wednesday reported a net profit of Rs 19.84 crore for the first quarter ended June 30 of the current financial year.

The bank had posted a net loss of Rs 45 crore in the same period of 2018-19.

Total income was nearly flat at Rs 256.75 crore during April-June 2019-20, the bank said in a regulatory filing.

On the asset front, the bank continued to witness pressure with gross non-performing assets (NPAs) remaining higher at 7.61 per cent of gross advances at end of June 2019. Gross NPAs were 8.94 per cent at the end of June 2018 and at 7.47 per cent at March-end 2019.

Net NPAs or bad loans were at 2.35 per cent of net advances, down from 3.79 per cent a year ago. It stood at 2.41 per cent by the end of March 2019.

In value terms, gross NPAs were at Rs 496.48 crore by end of June this year, as compared to Rs 531.0 crore by June 2018. Net NPAs were Rs 145.20 crore, down from Rs 212.84 crore a year ago.

Bank's provisions towards bad loans and contingencies were brought down to Rs 9.27 crore during the quarter from Rs 65.01 crore parked aside same period a year ago.

Provision coverage ratio as on June 30, 2019 was at 85.38 per cent.

Stock of Dhanlaxmi Bank traded 0.54 per cent down at Rs 18.35 on BSE.