Dhanlaxmi Bank Q4 net down 90.5% on higher provisions

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Published: June 23, 2020 12:15 AM

Total income during the quarter under review rose to Rs 280.98 crore from Rs 268.97 crore in the year-ago same period, the bank informed the exchanges.

The Kerala-based lender had reported a net profit of Rs 27.61 crore in Q4 of FY19.The Kerala-based lender had reported a net profit of Rs 27.61 crore in Q4 of FY19.

Dhanlaxmi Bank on Monday reported a year-on-year decline of 90.5% in net profit for the fourth quarter of FY20, at Rs 2.60 crore, due to higher provisions for bad loans and contingencies.

The Kerala-based lender had reported a net profit of Rs 27.61 crore in Q4 of FY19.

Total income during the quarter under review rose to Rs 280.98 crore from Rs 268.97 crore in the year-ago same period, the bank informed the exchanges.

For the full year,net profit stands at Rs 65.78 crore, against Rs 11.67 crore during the previous year ended March 2019. Total operating income rose 1.66% to Rs 987.59 crore in the year ended March 2020, against Rs 971.49 crore during the previous year ended March 2019.

The bank’s provisions for bad loans and contingencies were raised substantially to Rs 56.89 crore during March quarter as against Rs 16.27 crore parked aside for the year-ago period.

The bank showed improvement with gross non-performing assets (NPAs) falling to 5.90% of gross advances as on March 31, 2020, from 7.47% by March-end last year.In absolute terms, gross NPAs were Rs 401.22 crore, down from Rs 495.84 crore in the year-ago period.Likewise, net NPAs or bad loans too came down to 1.55% from 2.41%.

Dhanlaxmi Bank said in the regulatory filing that the extent to which the Covid-19 pandemic will impact the future results will depend on related developments, which remain highly uncertain. “Major challenges for the Bank would arise from extended working capital cycle and dwindling cash flows. Despite these conditions, there is not likely to be any significant impact on the liquidity position of the hank,” it said.

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