Lakshmi Vilas Bank Q3 net down 76 pc

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.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • Sebi must not be lax in weeding out mutual fund houses

    Last May, capital market regulator Securities and Exchange Board of India (Sebi) amended the Sebi (mutual funds) regulations, 1996, directing all fund

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Arun Kumar Jain

Customer orientation needs human touch

In the mid-1990s, while researching drivers of corporate excellence, we ...

Kuruvilla Pandikattu SJ

Can religion help us protect our planet?

Though not factually true, in popular imagination, the relationship between ...

Shona Adhikari

Pop art is truly a feast for the eyes

The internationally reknowned Bruno Art Group’s presence in India had ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture