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Dhanlaxmi Bank Part-Time Chairman G Subramonia Iyer resigns

Dhanlaxmi Bank Part-Time Chairman G Subramonia Iyer resigns

His resignation is to be effective from December 31, 2021.

Shares of Dhanlaxmi Bank on Thursday closed at Rs 14.14 apiece on the BSE, down by 0.42 per cent from the previous close Shares of Dhanlaxmi Bank on Thursday closed at Rs 14.14 apiece on the BSE, down by 0.42 per cent from the previous close

Kerala-based Dhanlaxmi Bank on Thursday said its Part-Time Chairman G Subramonia Iyer has resigned, on personal grounds.

''G Subramonia Iyer, part-time chairman and independent director of the bank, has submitted his resignation from the board of directors of the bank vide his letter dated December 2, 2021,'' the bank said in a regulatory filing.

His resignation is to be effective from December 31, 2021, it added.

''G Subramonia Iyer has informed that he was tendering his resignation owing to certain urgent and emergent domestic and personal reasons and there were no other material reasons for his resignation,'' it added.

Shares of Dhanlaxmi Bank on Thursday closed at Rs 14.14 apiece on the BSE, down by 0.42 per cent from the previous close.

The private sector bank had reported a nearly 74 per cent plunge in its net profit to Rs 3.66 crore in quarter ended in September 2021 as provisions rose due to a spike in bad loans. It has reported a net profit of Rs 14.01 crore in the corresponding period a year ago.

Total income of the bank during the July-September period of 2021-22, however, grew to Rs 266.59 crore from Rs 249.66 crore in the same period of 2020-21, Dhanlaxmi Bank said in a regulatory filing.

Interest income was down at Rs 229 crore in Q2FY22 from Rs 243.97 crore in Q1FY21, even as the other income was higher at Rs 37.58 crore, as against Rs 5.69 crore.

Provisions for the bad loans and contingencies for the reported quarter rose to Rs 22.40 crore from Rs 4.29 crore in September 2020.