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.