Bad loans widens Dhanlaxmi Bank Oct-Dec loss to Rs 119 crore

NEW DELHI: Kerala-based private lender Dhanlaxmi Bank saw its net loss widen to Rs 119.37 crore in the third quarter ended December, 2013-14, on account of rise in bad assets and higher provisioning for them.

Bank had reported net loss of Rs 117.64 crore during the October-December quarter of in 2012-13 fiscal.

Its total income for Q3, 2012-13 also declined to Rs 327.52 crore from Rs 352.11 crore in the year-ago period, it Dhanlaxmi said in a filing to the BSE.

The bank made provisioning for bad loans at Rs 111.76 crore during the third quarter, up from Rs 9.71 crore.

Gross bad loans or NPAs (non-performing assets) during the quarter rose to 7.05 per cent (Rs 546.32 crore) from 4.19 per cent (Rs 312.84 crore).

Net NPAs jumped to 4.64 per cent (Rs 350.22 crore) from 2.93 per cent (Rs 216.02 crore) in the year ago period.

Dhanlaxmi Bank scrip closed at Rs 34.30, down 0.44 per cent, on the BSE.