The third quarter ending on September 30, 2018 witnessed downfall in the profits of Lakshmi Vilas Bank. The bank accorded a net loss of Rs. 132.31 crore for Q3.
The bank had registered a net profit of Rs. 10.50 crore in the September quarter of 2017-18. The loss during the quarter under review was primarily due to mounting bad loans.
Sequentially also, the net loss widened from Rs. 123.87 crore. Total income fell to Rs. 800.50 crore from Rs. 902.76 crore in the year-ago period, the bank said in a filing.
The gross non-performing assets (NPAs) rose to 12.31% of gross loans as on September 30, 2018, from 5.50% in September 2017. Net NPAs rose to 6.88% (4.33%) of net advances.
In absolute terms, gross NPAs stood at Rs. 2,964.89 crore by the end of second quarter this fiscal as compared with Rs. 1,277.66 crore in the year-ago period. Net NPAs were at Rs. 1,560.08 crore (Rs. 993.23 crore).