Lakshmi Vilas Bank reports a net loss of Rs 373 crore in Q3FY19

Private sector Lakshmi Vilas Bank Monday reported a net loss of Rs 373.48 crore for the third quarter ending December 31, 2018.

The city-based bank had registered a net loss at Rs 39.23 crore during the corresponding quarter the previous year.

For the nine-month period ending December 31, 2018, the net loss went upto Rs 629.66 crore from Rs 37.38 crore registered the same period the previous year.

The total income for the October-December 2018 quarter was at Rs 762.47 crore as against Rs 817.57 crore registered a year ago.

For the nine-month period ending December 31, 2018, the total income stood at Rs 2,350.48 crore as against Rs 2,647.51 crore recorded the same period the previous fiscal.

A press release from the bank said its total business for the quarter ending December 31, 2018 was at Rs 54,910 crore as compared to Rs 55,851 crore recorded the previous year.

Gross advance stood at Rs 24,123 crore (Rs 25,231 crore) while the gross non-performing assets (NPA) stood at 13.95 per cent (5.66 per cent), the release said.

Net NPA stood at 7.64 per cent as against 4.27 per cent, it said.

New-age core banking and profit- monitoring platform were ready for deployment by the end of next quarter, the release said.

In a notification to the BSE, the bank said it was looking at various options for capital-raising and no options were firmed up as on date.