Lakshmi Vilas Bank Q2 net profit down 84% on higher provisioning
Mumbai: Lakshmi Vilas Bank Ltd on Wednesday said its net profit in the second quarter fell 83.81% from a year ago due to higher provisioning.
Net profit fell to Rs10.50 crore for the three months ended 30 September from Rs64.85 crore in the same quarter last year.
Profit was lower than the Rs41.70 crore estimated by a Bloomberg poll of an analyst.
The bank increased provisions during the quarter to Rs187.38 crore from Rs62.57 crore a year ago. In the April-June quarter, the bank had set aside Rs112 crore in provisions.
Net interest income, or the difference between interest earned on loans and that paid on deposits, increased 24.68% to Rs232.74 crore from Rs186.67 crore in the corresponding period last year.
Other income, which includes fee income, fell 6.08% to Rs123.88 crore in the three months ended 30 September from Rs131.90 crore a year ago.
Gross non-performing assets (NPAs), as a percentage of total advances, were at 5.50% in the September quarter compared with 3.78% in the June quarter and 2.70% in the year ago September quarter.
Post-provision, the net NPA ratio was at 4.33% against 2.84% in the April-June quarter and 1.87% in the year-ago quarter.
Lakshmi Vilas Bank shares closed 3.95% lower at Rs140.95 on the BSE on Wednesday, while the benchmark Sensex index fell 0.28% to close at 31834 points.