Lakshmi Vilas Bank shares drop nearly 5 pc post Q2 earnings

Shares of Lakshmi Vilas Bank (LVB) on Monday dropped nearly 5 per cent after the company reported widening of net loss to Rs 357.18 crore for the September quarter.

The stock tanked 4.38 per cent to close at Rs 19.65 on the BSE. During the trade, it tumbled 4.86 per cent to Rs 19.55.

On the NSE, it fell 4.88 per cent to settle at Rs 19.45.

The bank had posted a net loss of Rs 132.31 crore in second quarter of 2018-19.

The loss widened sequentially also as it had registered a Rs 237.26 crore loss in June quarter this fiscal.

Total income of the bank fell to Rs 665.33 crore during the second quarter of 2019-20 as compared to Rs 800.50 crore in the year-ago period, the bank said in a regulatory filing.

The bank's bad loan ratio worsened with gross non-performing assets hitting 21.25 per cent of the gross advances at the end of September quarter, from 12.31 per cent a year ago. In absolute value, the gross NPAs stood at Rs 4,091.05 crore, higher than Rs 2,964.89 crore.