Dhanlaxmi Bank Q2 net profit doubles to Rs 12 cr

Private sector Dhanlaxmi Bank Friday reported doubling of its net profit to Rs 12.15 crore for the second quarter ended September 2018.

The bank had posted a net profit of Rs 6.06 crore in the July-September period of 2017-18.

There was a net loss of Rs 45 crore during the first quarter of 2018-19 fiscal.

Total income in the second quarter of the current fiscal year was down to Rs 226.73 crore as against Rs 282.30 crore earlier, the bank said in a regulatory filing.

On the assets front, the bank witnessed year-on-year deterioration as gross non-performing assets (NPAs) rose to 7.81 per cent of gross loans by end of September from 6.11 per cent previously. Sequentially, it improved from 8.94 per cent as at end-June.

In terms of provisions and contingencies, the bank reported a write-back of Rs 18.19 crore in the September quarter, while it had parked aside Rs 23.87 crore for the same quarter of the preceding fiscal.

Provision coverage ratio as on September 30, 2018 stood at 82.50 per cent.

Stock of bank closed 4.86 per cent higher at Rs 17.25 on BSE.