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Lakshmi Vilas Bank net loss widens to Rs 237.25 cr for June quarter

Gross non performing assets (NPA), as a percentage of gross advances, stood at 17.30 per cent (Rs 3556.57 crore) during the three months ended June, 2019

BS Reporter  |  Chennai 

lakshmi vilas bank
Lakshmi Vilas bank

Net loss of Ltd widened to Rs 237.25 crore for the quarter ended June 30, 2019, as compared to a net loss of Rs 123.86 per cent during the same quarter of last year. The total income declined 14 per cent during the period to Rs 677.17 crore as against Rs 787.5 crore registered during the corresponding period last year.

Gross non performing assets (NPA), as a percentage of gross advances, stood at 17.30 per cent (Rs 3556.57 crore) during the three months ended June, 2019, when compared to 10.73 per cent (Rs 2,804.71 crore) in the corresponding period of the previous year. Net NPA grew to 8.30 per cent (Rs 1,539.40 crore) as compared to 5.96 per cent (Rs 1,478.09 crore) in the same period of last year.

The bank said that it is pursuing recoveries while assessing the impact of the probable losses, if any, related to the loans offered, based on the personal guarantee of late V G Siddhartha, the founder of Coffee Day Group of The total outstandings under the above facilities remained standard assets in the books of the bank as on June 30, 2019. While it has no exposure to Cafe Coffee Day (CCD) or its subsidiaries, it has funded the coffee growers and suppliers of coffee beans to Cofee Day Global Limited (CDGL), in the normal course of business against the receivables from CDGL. In addition, the bank has funded Kumergode Estate Ltd and Malavika Hegde and these two loans are backed by collaterals of fixed deposits, land and fixed assets.

The bank also said that the Scheme of Amalgamation between Indiabulls Housing Finance Ltd (IHFL) and LVB has received the approval of Competition Commission of India (CCI) and is subject to the receipt of approval from the Reserve Bank of India, other regulatory approvals and applicable compliances.

During the year 2019-20, the bank has raised capital totalling Rs 188.16 crore by way of a preferential issue on private placement basis, under the non-promoter category to IHFL.

First Published: Tue, August 06 2019. 23:19 IST
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