Lakshmi Vilas Bank Ltd.’s standalone net loss for the second quarter ended September 2019 has widened to ₹357.18 crore from ₹177.31 crore on account of mounting bad loans and higher provisioning.
For the period under review, total income slipped to ₹665.33 crore from ₹800.50 crore, the bank said in a filing. Net interest income contracted to ₹40.37 crore, compared with ₹27.57 crore. Capital adequacy ratio came down to 5.56% from 9.67%.
Provisions and contingencies rose to ₹317 crore compared with ₹205 crore in the year-earlier period. Other income dipped to ₹58 crore from ₹71 crore.
Provision coverage ratio stood at 62.28%. Gross NPAs as a percentage of gross advances climbed to 21.25% from 12.31%.
