Lakshmi Vilas Bank narrows net loss to Rs 112 crore in Q1

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Published: July 31, 2020 1:15 AM

LVB had reported a net profit of Rs 92.86 crore for the fourth quarter of FY20, as against a net loss of Rs 264.43 crore in the year-ago period.

Total income of stood at Rs 538.83 crore for Q1, as compared to Rs 677.17 crore, declining by 20.4%.Total income of stood at Rs 538.83 crore for Q1, as compared to Rs 677.17 crore, declining by 20.4%.

Capital-starved private sector lender Lakshmi Vilas Bank (LVB) on Thursday reported a net loss of Rs 112.28 crore for the first quarter of FY21, compared with a net loss of Rs 237.25 crore in the corresponding quarter of the last fiscal, thereby paring the loss by 53%. Total income of stood at Rs 538.83 crore for Q1, as compared to Rs 677.17 crore, declining by 20.4%.

LVB had reported a net profit of Rs 92.86 crore for the fourth quarter of FY20, as against a net loss of Rs 264.43 crore in the year-ago period.

Signalling a further deterioration in the asset quality, gross NPA rose to 25.40% in the reporting quarter, from 17.30% in the corresponding quarter of the last fiscal.

Similarly, the net NPA increased to 9.64% from 8.30%. The provision coverage ratio stood at 72.58%.

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