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

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

Private sector 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 recorded net loss at Rs 373.48 crore during the corresponding quarter previous 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, the 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 was already in the process of shifting lending from corporate clients to retail lending.

The bank has taken various measures including the centralization of the payment of expenses at head office to monitor and rationalize the cost. It has reduced staff strength and redeployed them in branches to market new customers and engage in recovery measures, a press release said. "We expect these measures will results reduction in 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 resolution to raise Rs 1,000 crore of CET -1 Capital and another Rs 500 crore of debt capital. "Bank is considering various options to improve the capital," it said. As on December 31, 2019, the bank had 571 branches, five extension counters and 1,019 ATMs across the country.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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