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Private lender Lakshmi Vilas Bank today reported a net loss of Rs 6.22 billion for the last quarter of 2017-18 due to multi-fold jump in provisioning for bad loans.
The bank had registered a net profit of Rs 521.6 million in the January-March period of 2016-17.
Income during the quarter ended March 2018 fell 14.3 per cent to Rs 7.4 billion, against Rs 8.64 billion in year ago period, the bank said in a release. Provisions for bad loans and contingencies were raised to Rs 9.21 billion in the quarter, a jump of almost nine-time from Rs 1
The bank had registered a net profit of Rs 521.6 million in the January-March period of 2016-17.
Income during the quarter ended March 2018 fell 14.3 per cent to Rs 7.4 billion, against Rs 8.64 billion in year ago period, the bank said in a release. Provisions for bad loans and contingencies were raised to Rs 9.21 billion in the quarter, a jump of almost nine-time from Rs 1
