Lakshmi Vilas Bank posts Rs 39 crore net loss in Q3

Private sector Lakshmi Vilas Bank has reported a net loss of Rs 39.23 crore in the third quarter ended December 31, as provisions for bad loans almost doubled.
The bank had registered a net profit of Rs 78.38 crore in the corresponding quarter of 2016-17.
The bank's total income also fell during the quarter to Rs 817.51 crore, as against Rs 879.26 crore a year-ago period, the bank said in a regulatory filing.
Provisions to cover for bad loans and contingencies were raised to Rs 85.35 crore during the quarter, as against a provision of Rs 48 crore in year-ago period as bad loans surged.

The gross non-performing assets (NPAs) or bad loans of the bank rose to 5.66 per cent of the gross advances as on December 31, from 2.78 per cent at the end of December 2016.
Net NPAs too were up at 4.27 per cent of the net loans as on December 31, 2017 as against 1.82 per cent by the same period a year earlier, it said further.

Lakshmi Vilas Bank said that the prevailing difficult environment has had its impact on the numbers.
Among others, the net interest margin -- the difference of interest earned and expended -- stood at 2.63 per cent as on December 31, 2017 from 2.72 per cent at end of December 2016.

Shares of the bank closed at Rs 132.05 apiece on BSE, down 0.19 per cent from previous level.