Money & Banking

LVB posts Q3 loss of ₹373.5 cr

Our Bureau Chennai | Updated on February 04, 2019 Published on February 04, 2019

GNPA in value terms increased to ₹3,364.28 crore

Hit by large-scale provisioning, Lakshmi Vilas Bank’s (LVB) net loss widened by 10 times y-o-y to ₹373.49 crore in the third quarter ended December 31, 2018, against a net loss of ₹39.23 crore for the same period last year.

The bank’s gross non-performing asset (GNPA) ratio doubled to 13.95 per cent in December 2018 from 5.66 per cent in December 2017, while net non-performing asset (NNPA) rose to 7.64 for Q3 FY19 from 4.27 per cent in Q3 FY18.

Provisions for Q3 FY19 stood ₹348.38 crore, including ₹47.6 crore for depreciation on investments and ₹314.5 crore towards bad loans.

“Foreseeable provisioning towards bad loans for the next five quarters should be around ₹600 crore,” P Mukherjee, the bank’s Managing Director (MD) & Chief Executive Officer (CEO), said here on Monday.

GNPA in value terms increased to ₹3,364.28 crore (₹1,427 crore) while NNPA stood at ₹1,716.22 crore (₹1,060.46 crore),

Published on February 04, 2019
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