Lakshmi Vilas Bank falls 12% as Q2 net loss widens on rise of bad loans

The stock slipped 12% to Rs 82 on the BSE in early morning trade after the bank's net loss widened sequentially to Rs 1.32 billion in September 2018 quarter.

Shares of Lakshmi Vilas Bank have slipped by 12% to Rs 82 per share on the BSE in early morning trade after the bank’s net loss widened sequentially to Rs 1.32 billion in September 2018 quarter (Q2FY19), on account of rising bad loans. The bank had its net loss widened from Rs 1.24 billion in June quarter. It posted a net profit of Rs 105 million in September 2017 quarter (Q1FY19).

The bank’s net interest income during the quarter under review declined 35% at Rs 1.51 billion from Rs 2.33 billion in the corresponding quarter of the previous year.