Left Menu
Development News Edition

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

PTI | Chennai | Updated: 15-02-2020 17:15 IST | Created: 15-02-2020 17:11 IST
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.


TRENDING

OPINION / BLOG / INTERVIEW

New farm bills in India: Focusing on farms or farmers?

... ...

Kenya’s COVID-19 response: Chaos amid lack of information

Confusing numbers and scanty information on how effective curfews and lockdowns have been in breaking transmission have amplified coordination and planning challenges in Kenyas response to COVID-19. Without accurate data, it is impossible t...

Farkhad Akhmedov: Calculating the price of impunity from the law

In insistences such as the battle over the Luna, Akhmedov has resorted to extreme legal machinations to subvert the High Courts decision and keep his assets from being seized. ...

Guinea’s elections hearken back to the autocracy and violence of its past

... ...

Videos

Latest News

U.S. Justice Department hits Google with biggest antitrust lawsuit in two decades

The U.S. Justice Department and 11 states filed an antitrust lawsuit against Alphabet Incs Google on Tuesday for allegedly breaking the law in using its market power to fend off rivals. The lawsuit marks the biggest antitrust case in a gene...

Mphasis, R3 join hands to develop blockchain-based payments solution

Mphasis, an Information Technology IT solutions provider specializing in cloud and cognitive services, on Tuesday announced its partnership with R3, a leading global enterprise software firm. The two companies came together to jointly creat...

HC refuses to interfere with administrative order making pleas with attested affidavits mandatory

The Delhi High Court Tuesday refused to interfere with its administrative order making it mandatory to file petitions and suits with affidavits duly attested by the oath commissioner. A bench of Justices Hima Kohli and Subramonium Prasad sa...

Guj: Rahul's plea for exemption from appearance in case heard

A court in Ahmedabad in Gujarat on Tuesday heard Congress leader Rahul Gandhis plea seeking permanent exemption from appearance in a criminal defamation case. Gandhis lawyer PS Champaneri concluded his submission in the court of Additional ...

Give Feedback