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Dhanlaxmi Bank posts loss

Dhanlaxmi Bank has reported a net loss of Rs 119.37 crore in the third quarter ended 31 December 2013, compared to a profit of Rs 4.39 crore a year ago. The bank had to set apart Rs 111.76 crore in the third quarter as provisions and contingencies, sharply higher than its prior-year quarter provisions of Rs 9.71 crore. Total income dropped 7% to Rs 327.52 crore from Rs 352.11 crore last year. Interest earned was Rs 312.44 crore as against Rs 324.65 crore in the same quarter of previous fiscal. Total expenditure came in at Rs 335.13 crore, down from Rs 338.01 crore a year earlier. Net non-performing assets ( NPAs) grew to Rs 350.22 crore from Rs 216.02 crore in the comparable period of the previous fiscal. The bank said the strategic investment made by it in Destimoney Securities, a securities trading company, in February 2011 of Rs 1224.49 lakh has been written down to its fair value of Rs 361.80 lakh based on the last audited financials of the company.

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