Business Companies 15 Feb 2020 Lakshmi Vilas Bank p ...

Lakshmi Vilas Bank posts net loss at Rs 334.47 crore during Q3

PTI
Published Feb 15, 2020, 7:10 pm IST
Updated Feb 15, 2020, 7:10 pm IST
The Tamil Nadu-based bank recorded a net loss of Rs 373.48 crore in the same quarter last year
Lakshmi Vilas Bank
 Lakshmi Vilas Bank

Chennai: Lakshmi Vilas Bank on Saturday said it has recorded net loss at Rs 334.47 crore for the October-December quarter. The Tamil Nadu-based bank had recorded a net loss at Rs 373.48 crore during the corresponding quarter last year.

For the nine-month period ending December 2019, the loss was Rs 928.90 crore against Rs 629.66 crore in the corresponding period last year.

 

The total income for the October-December quarter slipped to Rs 585.76 crore from Rs 762.47 crore in the corresponding quarter previous year.

For the nine-month period ending December 31, 2019, income was at Rs 1,928.27 crore against Rs 2,350.48 crore registered a year ago.

On the outlook, the bank said it is in the process of shifting from corporate lending to retail lending.

The bank has taken various measures including centralisation of the payment of expenses at head office to monitor and rationalise the cost. It has reduced staff strength and redeployed them in branches to market to new customers and engage in recovery measures, a press release said.

"We expect these measures will result in reduction of the cost-to-income ratio," the bank said.

On fund-raising, the bank said it raised capital of Rs 459.59 crore in March 2019 through qualified institutional placements (QIP). It also raised another Rs 188.16 crore capital by preferential allotment process.

In September 2019, the bank's shareholders approved a resolution to raise Rs 1,000 crore of CET -1 Capital and another Rs 500 crore of debt capital.

As on December 31, 2019, the bank had 571 branches, five extension counters and 1,019 ATMs across the country.

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