Dhanlaxmi Bank Q1 profit rises 11.5%

The Thrissur-based lender had reported a nett net of Rs 6.09 crore successful Q1 of FY21 and Rs 5.28 crore successful the preceding quarter.

Dhanlaxmi bank connected Wednesday  reported a 11.5% year-on-year (y-o-y)  increase successful its archetypal 4th nett net to Rs 6.79 crore mostly owed to little provisions for atrocious loans.The Thrissur-based lender had reported a nett net of Rs 6.09 crore successful Q1 of FY21 and Rs 5.28 crore successful the preceding quarter.

Provisions and contingencies person been reduced by astir 94.3 % to Rs 2.1 crore ,as against Rs 37.02 crore provided successful the year-ago period. Asset prime has worsened with Gross NPA arsenic a percent of  gross advances was reported astatine 9.27% for the 4th nether reappraisal arsenic against 9.23% successful the 4th fourth and 6.89% successful Q1 of FY21.

Net NPA ratio is reported astatine 4.58 % compared to 4.76 % reported successful the preceding 4th fourth and 2.18 % successful the comparable 4th of past fiscal year.

In worth terms, gross NPAs accrued  to Rs 641.53 crore from Rs 464.45 crore successful the year-ago period. The full income  for  Q1 of FY22 is seen little by 14.2% YoY to Rs 239.02 crore, portion the bank’s involvement income decreased to Rs 218.10 crore and income from different sources fell to Rs 20.92 crore from Rs 41.97 crore. Provision sum ratio (including method constitute off) arsenic of June 30, 2021, is 75.66 %.