Dhanlaxmi Bank rose 3.56% to Rs 16.86 after net profit rose 81.65% to Rs 22.07 crore on a 22.11% increase in total income to Rs 276.85 crore in Q2 September 2019 over Q2 September 2018.
Net interest income rose 15.1% to Rs 100.65 crore in Q2 September 2019 as against Rs 87.43 crore in Q2 September 2018. The result was announced during market hours today, 31 October 2019.
The bank's gross non-performing assets (NPAs) stood at Rs 476.08 crore as on 30 September 2019 as against Rs 496.48 crore as on 30 June 2019 and Rs 488.74 crore as on 30 September 2018.
The ratio of gross NPAs to gross advances stood at 7.06% as on 30 September 2019 as against 7.61% as on 30 June 2019 and 7.81% as on 30 September 2018.
The ratio of net NPAs to net advances stood at 1.65% as on 30 September 2019 as against 2.35% as on 30 June 2019 and 2.92% as on 30 September 2018.
The bank's provisions and contingencies stood at Rs 25.38 crore as on 30 September 2019 as against Rs 9.27 crore as on 30 June 2019. The bank had written back provisions of Rs 18.19 crore on 30 September 2018.
Provision coverage ratio of the bank was at 89.16% as on 30 September 2019 as against 82.50% on 30 September 2018.
The existing deferred tax assets (DTA) amount of Rs 37.06 crore was reviewed and it has been decided to retain the same based on current estimates.
In accordance with the Taxation Law (Amendment) Ordinance 2019 promulgated on 20 September 2019, a decision is yet to be taken by the bank on whether to opt for a lower tax rate or to continue with the existing rate in view of the carry forward losses and consequential impact will be considered later.
Dhanlaxmi Bank is a private sector bank headquartered in Thrissur City, Kerala, India.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
