Dhanlaxmi Bank Limited
NSE Symbol DHANBANK
DHANALAKSHMI BANK recorded lack lustre results in Q1 FY 2012 ending June 2011.
Interest on Advances is Rs.251.47 cr – up by 3.93% from Q4 FY 11; and up by 98.21% from Q1 FY 11.
Income on Investments is Rs.63.10 cr – up by 18.48% from Q4 FY 11 and up by 59.5% from Q1 FY 11.
Total Income stands at Rs.370.50 cr – up by 8.25% from Q4 FY 11; and up by 86.63% from Q1 FY 11.
But, interest expended has gone up hugely in this quarter. Interest Expended amounts to Rs.251.78 cr – against Rs.205.74 Cr in Q4 FY 11; and Rs.119.54 cr in Q1 FY 11.
Operating Profit therefore comes to Rs.14.70 cr – down by 48.55% from Q4 FY 11 but up by 60.66% from Q1 FY 11.
Again – Provisions has gone up to Rs.9.61 cr – against Rs.9.50 cr in Q4 FY 11 and Rs.2.03 cr in Q1 FY 11.
Profit before tax has therefore come down sharply to Rs.5.09 cr – down by 73.31% from Q4 FY 11 and down by 28.51% from Q1 FY 11
Net Profit ,likewise, is down to Rs.3.40 cr – down by 69.51% from Q4 FY 11; and down by 43.62% from Q1 FY 11.
Capital Adequacy Ratio stands at 10.18
Basic EPS on a face value of Rs.10 – stands at a low Rs.0.4, compared to Rs.1.31 in Q4 FY 11 ;and Rs.0.94 in Q1 FY 11.
Gross/Net NPA numbers are Just Rs.21.84 cr – against Rs.27.47 cr in Q4 FY 11 and Rs.40.36 cr in Q1 FY 11.
% of Gross/Net NPA is 0.23, which is quite low
Return on Assets is also LOW at 0.09.
Over all- Higher Interest and Provisions have brought down profitability in this quarter.
ANNOUNCEMENTS TO NSE
08-07-2011 Dhanlaxmi Bank Limited had informed the Exchange regarding the outcome of a meeting of the shareholders of the Bank held on June 22, 2011, approving the issue and allotment of equity shares, to certain investors, on preferential allotment basis. The Bank has now informed the Exchange that the bank has been informed by one of the proposed investors, Customers Bancorp, Inc, that it will not be able to participate in this preferential allotment and subscribe to the equity share due to certain regulatory reasons applicable in the jurisdiction of its incorporation. Pursuant to the above the other proposed investors have also expressed their reservations in subscribing to the preferential issue. Additionally, as per the provisions of 74(1) of the Chapter VII of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, the allotment has to be completed within a period of fifteen days from the date of the Shareholders' Approval. Accordingly, the Shareholders' Approval shall cease to be valid on July 08, 2011. In the event that the Bank wishes to undertake a further issue of equity shares by way of preferential allotment, the Bank shall obtain a fresh shareholders' approval as per the provisions of Section 81(1A) of the Companies Act, 1956, as amended.
01-07-2011 Dhanlaxmi Bank Limited has conveyed their approval for declaring dividend at the rate of 5% i.e. Re. 0.50/- per share on the face value of Rs.10/- each for the year 2010-2011.
26-05-2011 Dhanlaxmi Bank Limited has approved, vide its resolution dated May 19, 2011, the issue and allotment of upto 2,07,52,000 (Two crore Seven Lakh Fifty Two Thousand) equity shares of Rs. 10/- each of the Bank ("Equity Shares") at a premium of Rs. 130/- per Equity Share aggregating to an issue price of Rs. 140/- per Equity Share for an aggregate issue price of upto Rs. 290,52,80,000/- (Rupees Two Hundred and Ninety crore and Fifty Two Lakh and Eighty Thousand only), to the investors, on preferential allotment basis.
RESULTS TABLE :
Dhanalakshmi Bank | 30-Jun-11 | 31-Mar-11 | 30-Jun-10 |
Interest on Advances | 25147 | 24195 | 12687 |
Income on Investments | 6310 | 5326 | 3956 |
Income on Balances With RBI | 74 | 96 | 155 |
Others | 24 | - | - |
Interest Earned | 31555 | 29617 | 16798 |
Other Income | 5495 | 4608 | 3054 |
Total Income | 37050 | 34225 | 19852 |
Interest Expended | 25178 | 20574 | 11954 |
Employees Cost | 6071 | 5819 | 4011 |
Other Operating Expenses | 4331 | 4975 | 2972 |
Operating Expenses | 10402 | 10794 | 6983 |
Total Expenditure excl. provisions | 35580 | 31368 | 18937 |
Operating Profit | 1470 | 2857 | 915 |
Provisions | 961 | 950 | 203 |
Profit before tax | 509 | 1907 | 712 |
Tax Expense | 169 | 792 | 109 |
Net Profit | 340 | 1115 | 603 |
Face Value | 10 | 10 | 10 |
Paid-up Equity Share Capital | 8514 | 8514 | 6412 |
Capital Adequacy Ratio | 10.18 | 10.81 | 10.36 |
Basic EPS | 0.4 | 1.31 | 0.94 |
Gross/Net NPA | 2184 | 2747 | 4036 |
% of Gross/Net NPA | 0.23 | 0.3 | 0.76 |
Return on Assets | 0.09 | 0.34 | 0.28 |
Public Holding (%) | 100 | 100 | 100 |
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