Lakshmi Vilas Bank posts Rs 6 billion loss in Q4 as as NPA provisions zoom

Private lender Lakshmi Vilas Bank today reported a net loss of Rs 6.22 billion for the last quarter of 2017-18 due to multi-fold jump in provisioning for bad loans.

The bank had registered a net profit of Rs 521.6 million in the January-March period of 2016-17.

Income during the quarter ended March 2018 fell 14.3 per cent to Rs 7.4 billion, against Rs 8.64 billion in year ago period, the bank said in a release. Provisions for bad loans and contingencies were raised to Rs 9.21 billion in the quarter, a jump of almost nine-time from Rs 1 bilion kept aside in the same period of preceding fiscal year. For the full year, the bank posted a net loss of Rs 5.84 billion against a net profit of Rs 2.56 billion in 2016-17, it said.

Income stood at Rs 33.88 billion in 2017-18 against Rs 33.49 billion in 2016-17.