Lakshmi Vilas Bank net loss widens to Rs 132 cr

PTI | | Updated on: Oct 24, 2018

Lakshmi Vilas Bank has recorded a net loss of Rs 132.30 crore for the second quarter ended September 30, 2018 due to “higher provisioning’’. The Tamil Nadu-based bank had recorded a net loss of Rs 10.50 crore during the corresponding quarter of the previous year.

Briefing reporters on the financial performance of the bank here on Wednesday, its Managing Director and CEO, Parthasarathy Mukherjee, said the bank had reported net loss on account of “higher provisioning’’.

“We are now in the midst of capital raising. Once we raise the capital, we will be back to normal (business). 2019-20 will be good year for us,” Mukherjee said.

He said tht the bank was looking at raising Rs 2,000 crore capital in ‘multiple tranches’ and expects to complete the process by the end of current financial year.

For the half year ended September 30, 2018, the net loss stood at Rs 256.17 crore against Rs 76.61 crore in the year-ago period. Total income of the bank for the July-September quarter dipped to Rs 800.50 crore from Rs 902.75 crore.

Published on October 24, 2018
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