Lakshmi Vilas Bank reports loss before tax of Rs 112.28 crore in Q1

Net NPA positiom imporves; Clix amalgamation deadline stretched to September 15 on Covid concerns

Lakshmi Vilas Bank (LVB)'s loss before tax provision was at Rs 112.28 crore, for the quarter ended June 30, 2020 as against a loss of Rs 237.25 crore for the quarter ended June 30, 2019.

The lender's net NPA reduced to 9.64 per cent as on March 31, 2020 from 10.04 per cent a year ago.

The bank said that it has made progress with the Clix group for the proposed amalgamation of Clix Capital Service Pvt Ltd and Clix Finance India Pvt Ltd into the bank. 

"However, there may be slight delay in the mutual due diligence and preparation of documents for regulatory requirements due to the Covid situation and travel restrictions. Hence, both the parties mutually have agreed to extend the exclusivity period till September 15, 2020," said the Bank.