Lakshmi Vilas Bank Q3 net profit down 76 pct at Rs 7.42 cr on bad loans

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Lakshmi Vilas Bank today reported a 76 per cent decline in net profit at Rs 7.42 crore for the third quarter. Reuters Lakshmi Vilas Bank today reported a 76 per cent decline in net profit at Rs 7.42 crore for the third quarter. Reuters
SummaryLakshmi Vilas Bank's net profit in the corresponding Oct-Dec quarter of FY13 stood at Rs 31.31 cr.

Private lender Lakshmi Vilas Bank today reported a 76 per cent decline in net profit at Rs 7.42 crore for the third quarter ended December 2013 on higher provisioning for bad loans.

Bank's net profit in the corresponding Oct-Dec quarter of FY13 stood at Rs 31.31 crore.

Total income in the three months to December 2013 rose to Rs 557.25 crore over Rs 498.54 crore in the same quarter of previous fiscal, it said in a filing to the BSE.

It's provisioning for bad loans increased to Rs 67.67 crore during the quarter under review, from Rs 20.33 crore in the year ago period.

Gross NPAs (non-performing assets) or bad loans for the bank increased to 5.6 per cent (Rs 722.20 crore) in the third quarter over 4.41 per cent (Rs 487.02 crore) during the same period a year ago.

Net NPAs also rose to 4.33 per cent (Rs 550.22 crore) from 2.97 per cent (Rs 322.48 crore) in the review period, it said.

Lakshmi Vilas scrips were trading at Rs 58.90 per share in noon trades on BSE, down 4.07 per cent from the previous close.

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