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Dhanlaxmi Bank Q2 profit surges 81% to Rs 22.1 crore; stock jumps 12%

Dhanlaxmi Bank Q2 results: The bank's asset quality improved during September quarter, with gross non-performing assets (NPAs) ratio declining to 7.06 per cent versus 7.81 per cent in the year-ago quarter

twitter-logo BusinessToday.In   New Delhi     Last Updated: October 31, 2019  | 15:39 IST
Dhanlaxmi Bank Q2 profit surges 81% to Rs 22.1 crore; stock jumps 12%
Following Q2 results, shares of Dhanlaxmi Bank gained as much as 12.40 per cent to touch an intraday high of Rs 18.30 apiece on the BSE

Private lender Dhanlaxmi Bank on Thursday reported 81.6 per cent year-on-year growth in its net profit at Rs 22.1 crore for the second quarter ended September 30, 2019, which propelled stocks 12 per cent higher on the bourses.

"The Kerala-based bank had posted net profit of Rs 12.1 crore in the same quarter last year," Dhanlaxmi Bank said in a filing to the Bombay Stock Exchange.

The bank's net interest income (NII), or the core income a bank earns by giving loans, jumped 15.1 per cent to Rs 100.6 crore in Q2FY20 from Rs 87.4 crore in Q2FY19.

The other income (non-interest income) increased to Rs 23.51 crore against net loss of Rs 17.92 crore in the year-ago period.

Also Read: Kotak Mahindra Bank Q2 profit jumps 51% to Rs 1,724 crore; NII up 25%

Dhanlaxmi Bank's asset quality improved during September quarter, with gross non-performing assets (NPAs) ratio declining to 7.06 per cent versus 7.81 per cent in the year-ago quarter. Net NPA stood at 1.65 per cent as compared to 2.92 per cent in the corresponding quarter last year.

Capital adequacy ratio of the bank, as per Basel III, stood at 13.77 per cent as compared to 14.16 per cent in the year-ago period.

The bank's loan growth for the September quarter stood at 7.2 per cent on year-on-year basis.

Following Q2 results, shares of Dhanlaxmi Bank gained as much as 12.40 per cent to touch an intraday high of Rs 18.30 apiece on the BSE, after opening higher at Rs 16.60 against previous close level of Rs 16.28.  However, the stock soon slipped into negative terrain to trade at Rs 15.75 apiece, down 3.32 per cent, as investors resorted to profit booking.

Edited by Chitranjan Kumar

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