Private sector Dhanlaxmi Bank earned a net profit of Rs 24 crore for the third quarter of the fiscal year as compared with Rs 20 crore in the year-ago period, reflecting a 20% rise, despite a steep rise in provisions.
The bank’s pre-provision operating profit soared 52% at Rs 41 crore against Rs 27 crore, on 21% higher total income at Rs 456 crore.
Provisions and contingencies stood at Rs 17 crore against Rs 7 crore earlier.
The bank’s asset quality improved with the gross non-performing assets ratio falling to 2.36% at the end of December from 3.53% a year back. Net NPA ratio was at 1.11% as compared with 0.86%.
Its share price settled 1.7% lower at Rs 24.50 on BSE. The bank announced the earnings during the market hours.
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