Private sector lender Lakshmi Vilas Bank (LVB) today reported a loss of Rs 123.86 crore for the June quarter on account of a massive jump in bad loans.
The bank had logged a net profit of Rs 66.11 crore in the corresponding quarter of the previous fiscal.
Total income during the quarter also declined to Rs 787.50 crore from Rs 927.25 crore in the year-ago period, LVB said in a statement.
With regard to asset quality, the bank's gross non-performing assets (NPAs) surged to 10.73 per cent of advances as of June 2018 as against 3.78 per cent a year ago.
Net NPAs jumped to 5.96 per cent as compared to 2.48 per cent a year ago.
As a result, provisions for bad loans and contingencies increased to Rs 161.52 crore in the reported quarter from Rs 112 crore in the same period a year ago.
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Net Interest Income (NII) decreased to Rs 130.20 crore in the quarter under review from Rs 217.73 crore in first quarter of 2017-18.
Net Interest Margin (NIM) of the bank also declined to 1.48 per cent as against 2.74 per cent as on June 30, 2017.