Industry

Lakshmi Vilas Bank Q2 net loss widens

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%.

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Printable version | Jul 6, 2020 10:16:43 PM | https://www.thehindu.com/business/Industry/lakshmi-vilas-bank-q2-net-loss-widens/article29932651.ece

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