Private sector Dhanlaxmi Bank today reported a net loss of Rs 17 crore in the quarter ended March of 2017-18 due to higher provisioning for bad assets.
The bank had made a net profit of Rs 8.81 crore in the corresponding period of 2016-17.
However, the bank trimmed its losses when compared with (-) Rs 21.74 crore in the third quarter ended December 2017.
Bank's provisions and contingencies were raised to Rs 80.12 crore during the quarter, up by 170 per cent from Rs 29.65 crore parked aside in the same period of year-ago period, the bank said in regulatory filings.
Total income of the bank also fell in January-March quarter of 2017-18 to Rs 276.14 crore against Rs 296.34 crore in the same period a year ago.
On asset front, the gross bad loans or non-performing assets (NPAs) rose to 7.35 per cent of gross advances by end of March 2018 against 4.78 per cent at the end of March 2017.
Net NPAs also increased to 3.19 per cent from 2.58 per cent. In absolute terms, gross NPAs stood at Rs 469.30 crore against Rs 315.60 crore. Net NPAs stood at Rs 194.65 crore, against Rs 166.48 crore previously.
The bank's board has not recommended any dividend for the financial year 2017-18, it said.
For the full year also, there was a net loss of Rs 24.87 crore against a net profit of Rs 12.38 crore in 2016-17.
Income for the year also decreased to Rs 1,115.79 crore from Rs 1,200.07 crore in the fiscal ended March 2017.
"In respect of a gems and jewellery borrower, where fraud was declared by some banks, the bank has declared it as fraud and fully provided for the entire funded exposure of Rs 50 crore.
Provision coverage ratio as on March 31, 2018 stood at 80.02 per cent, it added.
Stock of Dhanlaxmi Bank traded 6.63 per cent higher at Rs 20.10 apiece on BSE today.
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