Shares of Lakshmi Vilas Bank (LVB) today fell by nearly 4 per cent after the company reported an 83.4 per cent fall in net profit during the second quarter ended September.
The scrip went down by 3.95 per cent to close at Rs 140.95 on BSE. During the day, it dipped 6.30 per cent to Rs 137.50.
At NSE, shares of the company lost 3.85 per cent to end at Rs 140.75.
Private sector Lakshmi Vilas Bank (LVB) today reported an 83.4 per cent fall in net profit at Rs 10.50 crore for July- September due to higher provisioning for bad loans.
The bank had reported a net profit of Rs 64.84 crore in the corresponding July-September period of 2016-17.
Provisioning for bad loans and contingencies jumped to Rs 187.38 crore for the second quarter of 2017-18, as against Rs 62.57 crore in the same period year ago.
In the second quarter of FY2017-18, total income of the bank, however, was higher at Rs 902.76 crore as against Rs 830.29 crore a year ago, the bank said in a regulatory filing.
Asset quality of the bank witnessed a sharp deterioration with gross non-performing assets (NPAs) rising to 5.50 per cent of the gross advances as on September 30, 2017 from 2.70 per cent at end-September 2016.
Likewise, net NPAs spiked to 4.33 per cent of the net advances disbursed by the end of second quarter, from 1.87 per cent a year ago.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)