Published on 31/07/2020 5:19:19 PM | Source: Dion Global Solutions Ltd

Lakshmi Vilas Bank posts Q1 net loss of Rs 112.28 cr

Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel 

Download Telegram App before Joining the Channel

The bank reported standalone net loss during the quarter stood at Rs 112.28 crore as compared to net loss of Rs 237.25 crore in the previous year quarter. Interest income of the bank declined by 29.08 per cent at Rs 442.50 crore for the quarter ended June 30, 2020 as against Rs 623.95 crore in the corresponding period last year.

During the April-June quarter, total income dipped substantially by 20.43 per cent to Rs 538.84 crore from Rs 677.17 crore in the year ago period. Meanwhile, operating expenses dropped by 23.33 per cent to Rs 538.75 crore from Rs 702.72 crore in the same period last year. Operating profit surged 100.35 per cent to Rs 0.09 crore from Rs. -25.55 crore.

Provisions and Contingencies slipped by 46.92 per cent at Rs 112.37 crore from Rs 211.70 crore a year ago. NII, the difference between interest earned on loans and interest paid on deposits, slipped by 26.55 per cent at Rs 90.76 crore versus Rs 123.57 crore in the year ago period. Non-interest income rose 81.02 per cent year-on-year to Rs 96.34 crore.

On the asset side, gross non- performing assets (NPAs) rose to 25.40 per cent of the gross advances as at the end of June 30, 2020 from a level of 17.30 per cent year earlier. Its net NPAs or bad loans too increased to 9.64 per cent of net advances on June 30, 2020 from 8.30 per cent a year ago.