Private lender Lakshmi Vilas Bank today reported a net
loss of Rs 622.25 crore for the last quarter of 2017-18 due to multi-fold jump
in provisioning for bad loans. The bank had registered a net profit of Rs 52.16
crore in the January-March period of 2016-17.
Income during
the quarter ended March 2018 also fell by 14.3 percent to Rs 740.90 crore as
against Rs 864.99 crore in year ago period, the bank said in a release.
Provisions for
bad loans and contingencies were raised to Rs 921.41 crore in the quarter, a jump
of almost nine-time from Rs 108.19 crore kept aside in the same period of
preceding fiscal.
For the full
year, the bank posted a net loss of Rs 584.87 crore against a net profit of Rs
256.07 crore in 2016-17, it said.
Income stood at Rs 3,388.43 crore in
2017-18 against Rs 3,349.43 crore in 2016-17.
Gross
non-performing assets (NPA) as a percentage of gross loans rose to 9.98 percent
as on March 31, 2018, from 2.67 percent by end-March 2017.
Net NPAs rose to
5.66 percent from 1.76 percent. In absolute-terms, gross NPAs were at Rs
2,694.21 crore by the end of March 2018 against Rs 640.19 crore at end-March
2017. Net NPAs were Rs 1,457.89 crore from Rs 418.42 crore.
The provision
coverage ratio stood at 55.07 by end of March 2018.
The bank said
slippages partially increased due to shifting of some of the restructure
accounts to NPA as per the RBI direction. NCLT cases were about Rs 584.33 crore
and gems and jewellery account exposure was about Rs 30 crore.
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