Lakshmi Vilas Bank's Q2 net loss widens to ₹397 cr

Lakshmi Vilas Bank on Saturday said its net loss widened to ₹397 crore in the quarter ending 30 September, 2020. The bank had posted net loss of ₹357 crore in the year-ago period.

Net interest income declined 28% to ₹79.5 crore.

On Friday, the lender's scrip on NSE closed 0.6% higher at ₹15.65.

Net NPA stood at 7.01% as against 10.04 % as on 31 March, 2020 and 10.47% as on 30 September, 2019.

"Despite logistical challenges arising due to COVID-19 situation, we have made significant progress with Clix group for the proposed amalgamation of Clix Capital Service Pvt Ltd and Clix Finance India Pvt Ltd into the bank. There were minor incremental due diligence requested by Clix Group, which was completed this week. Now, the respective sides are in the process of a workable and mutually acceptable framework," said the bank in its press release.

"The Gross NPA stood 24.45 % as on 30.09.2020 as against 21.25 % as on 30.09.2019. The Gross NPA stood at 25.39 % as on 31.03.2020," the bank said.