New Delhi: Indian private sector lender Dhanlaxmi Bank swung to a net loss of Rs 865.1 million in the fourth quarter (Jan-Mar) of fiscal 2011-12, against a net profit of Rs 111.5 million in the same period previous year due to rise in provisions for bad loans and lower income.
Net interest income of the bank in three months to March 31, 2012 was at Rs 2.47 billion, marginally down, from Rs 2.65 billion in the corresponding period a year ago, Dhanlaxmi Bank said in a filing to the stock exchanges Wednesday.
Total expenditure surged 41% to Rs 4.42 billion in the quarter from Rs 3.13 billion in the year-ago period.
The bank's provisions for bad loans and contingencies during the quarter rose 25% to Rs 118.7 million as compared to Rs 95 million in the same quarter a year ago.
Gross non-performing assets (NPAs), or bad loans, rose to 1.18% of advances as on March 31, 2012 from 0.74% in the previous year, while its net NPAs also rose to 0.66% from 0.30%.
The bank's capital adequacy ratio -- the amount of capital in proportion to a lender's advances -- was at 9.49% at the end of the quarter against 11.8% in the year-ago period.
Shares of Dhanlaxmi Bank Wednesday ended at Rs 54.90 on the Bombay Stock Exchange (BSE), down 3.85% from the previous close.