Lakshmi Vilas Bank (LVB) has reported a net loss of `237.25 crore for the first quarter of FY20, as compared to net loss of `123.87crore in the corresponding quarter last fiscal, widening the loss by 91.5%. The total income of the bank decreased by 14% at `677.17 crore as against `787.50 crore.
Worsening its asset quality further, the gross NPA reached to 17.30% in the quarter from 10.73% in the corresponding quarter. Net NPA also grew to 8.30% from 5.96%. The LVB board at its meeting held on April 5, 2019 had approved the scheme of amalgamation between lndiabulls Housing Finance (IHFL) and the bank.
Later, the board at its meeting on May 3, 2019 had approved amendments to effect merger of IHFL and its wholly owned subsidiary, lndiabulls Commercial Credit with LVB. The scheme was subject to the receipt of approval from the RBI, other regulatory approvals and applicable compliances, while the Competition Commission of India has conveyed their approval, LVB said in a footnote to bourses.
