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The “uncertainty” caused by the resignation of one of the statutory auditors of Dhanlaxmi Bank and “concerns over the reported numbers” of financial performance of the first quarter, has led rating agency ICRA to place the bank on ‘rating watch with negative implications’.
“Any material changes in the reported financial numbers may have a negative impact on the credit profile of the bank,” ICRA says.
The bank reported a net loss of Rs 12 crore for the April-June quarter of 2012-13, over a net loss of Rs 86.51 crore in the previous quarter.
ICRA notes that the costs were 1.4 times the income in May, when it had revised the rating of the bank. The “reported capital adequacy” at the end of June stood at 10.36 per cent, it said.
On the BSE today, the Dhanlaxmi Bank shares closed at Rs 45.10.
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