The Lakshmi Vilas Bank on November 7 posted a net loss of Rs 396.99 crore during the quarter ending September 2020. The bank extended its net loss of Rs 357.17 crore from the second quarter of the previous financial year.
Net interest margin shrunk to 1.37 percent for Q2FY21 against 1.47 percent for same period the previous year, the bank said in an exchange filing. Operating loss narrowed to Rs 5.66 crore against Rs 40.37 crore for Q2 the previous year.
The bank recorded a total business of Rs 37,595 crore on September 30, 2020, as against Rs 47,115 crore in 2019. The bulk deposits more than halved to Rs 911 crore from the level of Rs 1,893 crore on September 30, 2019.
LVB's net non-performing assets (NPA) stood at 7.01 percent on September 30, 2020, against 10.47 percent a year earlier.
Read: CARE downgrades various debt instruments of Lakshmi Vilas Bank, outlook negative
The bank's total Capital Adequacy Ratio (CAR) was at 2.85 percent on September 30, 2020, as against 1.12 percent in Q4FY20, meeting Basel III guidelines.
The lender's board has approved a capital raise of up to Rs 500 crore worth of equity shares by way of a Rights issue.
