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Wednesday, November 13, 2013

Lakshmi Vilas Bank Q2 net down 67% on higher provisions

Lakshmi Vilas Bank reported 67.4 per cent decline in net profit for the second quarter ended September 30 at Rs 5.85 crore on account of higher provision for bad loans.

The private sector bank had posted net profit of Rs 17.93 crore during the same quarter (July-September) of the previous fiscal.

Total income of the bank in the second quarter of the current fiscal stood at Rs 536.76 crore, up from Rs 477.01 crore a year ago, it said in a filing to the BSE.

Net non-performing assets (NPAs) or bad loans of the bank rose to 3.77 per cent during the quarter, from 2.95 per cent a year ago.

The bank made provisioning of Rs 74.63 crore during the quarter under review, up from Rs 28.60 crore in the corresponding period of 2012-13.

Source: thehindubusinessline


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