Lakshmi Vilas Bank posts ₹334-cr loss in Q3
by Our BureauOur Bureau
Private sector lender Lakshmi Vilas Bank (LVB) posted a net loss of ₹334 crore in the third quarter of FY20 when compared to the ₹373-crore net loss recorded in the same period the previous year. In the September 2019 quarter, the bank’s net loss stood at ₹357 crore.
Operating loss (before provisions and contingencies) in Q3stood at ₹20 crore against a loss of ₹25 crore in the year-ago quarter.
Provisions (other than tax) and contingencies reduced by 27 per cent to ₹315 crore (₹431 crore) during the latest quarter. However, the lender’s asset quality worsened further during the quarter.
Gross non-performing assets (NPA) as a percentage of total advances increased to 23.27 per cent in the third quarter against 13.95 per cent in the comparable period last year. GNPA in the previous quarter stood at 21.25 per cent. Net NPA was 9.81 per cent against 7.64 per cent in Q3 of the previous fiscal and 10.47 per cent on sequential basis. Its provision coverage ratio stood at 68.70 per cent as on December 2019.
Total business of the bank fell to ₹41,100 crore in the December quarter from ₹54,910 crore in the previous year quarter. While gross advances, on a year-on-year basis, fell by 27.31 per cent to ₹17,535 crore (₹24,123 crore) for the third quarter, total deposits declined to ₹23,565 crore (₹30,787 crore).
The bank’s total Capital Adequacy Ratio (CAR) as per Basel III guidelineswas at 3.46 per cent as of December 2019, down from 7.57 per cent in December 2018.
- Get Free Trial
- Hurry! Prices Increase Soon
Existing users, please Sign in here
Thank you for being a loyal user of Portfolio.
Portfolio will be a paid section hereon.
Please Subscribe to get access to one of our early bird packs. Or click on Free Trial to get 14 days free trial.
What You'll Get
Web + Mobile
Access exclusive content of the Hindu Businessline across desktops, tablet and mobile device.
Exclusive Portfolio and Investment Advice, Banking, Lifestyle and Specials
Get diverse set of perspectives from our trusted experts on Portfolio, Banking, Economy, Environment and others.
Ad free experience
Experience cleaner site with zero ads and faster load times.
Personalised dashboard
Customize your preference and get a personalized recommendation of stories based on your interest.
- Get Free Trial
- Hurry! Prices Increase Soon
Existing users, please Sign in here