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.

EDITORIAL OF THE DAY

  • Not warnings, total prohibition of smoking is the only answer to restoring citizens’ health

    In a landmark judgment the Supreme Court on Wednesday said the tobacco industry must adhere to government rules requiring stringent health warnings on

FC NEWSLETTER

Stay informed on our latest news!

TODAY'S COLUMNS

Urs Schoettli

Japan’s seismic shocks raise big questions

In the middle of April the region of Kumamoto on ...

Zehra Naqvi

The flame of hate

Pyre. The name itself evokes a sense of foreboding, casting ...

Bubbles Sabharwal

Whiners and complainers, please exit

We all know WC stands for a water closet, a ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture