Earnings Review
Dhanlaxmi Bank net profit rises 11.4% in Jul-Sept
This story was originally published at 15:57 IST on 17 October 2024
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--Dhanlaxmi Bank Jul-Sept net profit INR 258.1 mln vs INR 231.6 mln year ago
--Dhanlaxmi Bank gross NPA ratio 3.82% as on Sept. 30 vs 4.04% qtr ago
--Dhanlaxmi Bank net NPA ratio 1.12% as on Sept. 30 vs 1.26% qtr ago
--Dhanlaxmi Bank Basel III capital adequacy ratio 13.06% as on Sept. 30
--Dhanlaxmi Bank Jul-Sept total income INR 3.81 bln vs INR 3.27 bln year ago
--Dhanlaxmi Bank provision coverage ratio 88.80% as on Sept. 30
--Dhanlaxmi Bank Apr-Sept total income INR 7.19 bln vs INR 6.69 bln year ago
--Dhanlaxmi Bank Apr-Sept net profit INR 178.1 mln vs INR 514.6 mln year ago
NEW DELHI – After reporting a loss in the previous quarter, Dhanlaxmi Bank on Thursday reported a rise in its net profit for the quarter ended September, on the back of a jump in other income. The bank's net profit rose 11.4% on year to INR 258.1 million in Jul-Sept as other income rose 120.2% on year to INR 518.1 million.
The bank had reported a net loss of INR 80.0 million in Apr-Jun as operating performance worsened. The bank's total income had contracted 1.0% on year in Apr-Jun, while total expenses had risen 20.4% from the previous year. At 1454 IST, shares of the bank were up 3.8% at INR 37.33 on the National Stock Exchange.
The Kerala-based private bank's total income for Jul-Sept rose 16.3% on year to INR 3.81 billion. The rise in total income was led by the surge in other income and 8.2% on-year rise in interest earned to INR 3.29 billion.
Total expenditure increased 12.2% on year to INR 3.48 billion in Jul-Sept, led by rise in interest expended, which rose 13.7% on year to INR 2.08 billion. Operating expenses of the bank were up 10% on year at INR 1.40 billion in Jul-Sept, while employee cost rose almost 4% on year to INR 800 million.
The bank's operating profit surged 88.2% on year to INR 331.3 million in the quarter ended September. The bank had reported an operating loss of INR 32.9 million in the previous quarter.
Provisions and contingencies fell sharply to INR 5.7 million in Jul-Sept from INR 47.1 million in the previous quarter. The bank had a provision write-back of INR 88.2 million in Jul-Sept last year.
For the first half of financial year 2024-25 (Apr-Mar), Dhanlaxmi Bank's net profit was down 65.4% on year at INR 178.1 million. Total income for Apr-Sept was INR 7.19 billion, up 7.4% from a year ago. Total expenditure rose 16.1% from the earlier year to INR 6.89 billion.
Dhanlaxmi Bank's asset quality improved in Jul-Sept. The gross non-performing asset ratio eased to 3.82% as of Sept. 30 from 4.04% a quarter ago. The net non-performing asset ratio moderated to 1.12% as of Sept. 30 from 1.26% a quarter ago.
The provision coverage ratio eased marginally to 88.80% as of Sept. 30 from 87.97% as of Jun. 30. The bank's Basel-III capital adequacy ratio eased to 13.06% as of Sept. 30 from 13.37% a quarter ago. End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Shubham Rana
Edited by Ashish Shirke
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