Dhanlaxmi Bank Q1 Results: Net profit rises 7% to ₹28.3 crore on decline in bad loans
₹28.30 crore in the April-June quarter, mainly due to a decline in bad loans. The lender had posted a net of ₹26.43 crore in the year-ago period.
The total income in the first quarter of the current fiscal rose to ₹5,857 crore against ₹3,797 crore, the bank said in a regulatory filing. The lender's interest income also increased to ₹341.40 crore from ₹236.82 crore in the same quarter a year ago.
On the asset quality side, the bank witnessed improvement with the gross non-performing assets (NPAs) easing to 5.21 per cent of the gross advances by June 2023 from 6.35 per cent a year ago. The net NPA too declined to 1.09 per cent against 2.69 per cent in the year-ago period.
However, provisions for bad loans increased to ₹27.64 crore as compared to ₹21.41 crore in FY23. Provision Coverage Ratio of the bank stood at 90.79 per cent as of June 2023.
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