Money & Banking

Lakshmi Vilas Bank posts ₹124-cr loss in Q1

Our Bureau Chennai | Updated on July 26, 2018 Published on July 26, 2018

Lakshmi Vilas Bank (LVB) has reported a net loss of ₹124 crore for the quarter ended June 30, 2018, against a net profit of ₹66 crore in the year-ago quarter.

The loss in the first quarter of this year was lower, compared to a net loss of ₹622 crore in Q4 of 2017-18. The bank’s asset quality remained weak during the first quarter of this fiscal as gross NPA, as a percentage of gross advances, increased to 10.73 per cent from 3.78 per cent in the year-ago quarter and 9.98 per cent from the preceding quarter.

Net NPAs rose to 5.96 per cent from 2.84 per cent in the year-ago quarter and 5.66 per cent in the preceding quarter. Its operating profit stood at ₹7 crore against ₹199 crore earlier.

Its total income was lower at ₹788 crore, compared to ₹927 crore. Net interest income dropped to ₹130 crore from ₹218 crore in the year-ago quarter.

Provisions and contingencies were higher at ₹162 crore (₹112 crore). Gross advances grew 12 per cent to ₹26,127 crore from ₹23,236 crore. The Bank’s total capital adequacy ratio as per Basel III guidelines was at 9.45 per cent as on June 30, 2018, against 11.67 per cent a year ago.

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

Published on July 26, 2018
This article is closed for comments.
Please Email the Editor