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

Chennai, Feb 15 (): Private sector Lakshmi Vilas Bankon Saturday said it has recorded net loss at Rs 334.47 crorefor the October-December quarter. The Tamil Nadu-based bank recorded net loss at Rs 373.48crore during the corresponding quarter previous year. For the nine-month period ending December 2019, the losswas Rs 928.90 crore against Rs 629.66 crore in thecorresponding period last year. The total income for the October-December quarter slippedto Rs 585.76 crore from Rs 762.47 crore in the correspondingquarter previous year. For the nine-month period ending December 31, 2019, theincome was at Rs 1,928.27 crore against Rs 2,350.48 croreregistered a year ago. On the outlook, the bank said it was already in theprocess of shifting lending from corporate clients toretail lending. The bank has taken various measures including thecentralisation of the payment of expenses at head office tomonitor and rationalise the cost. It has reduced staff strength and redeployed themin branches to market new customers and engage in recoverymeasures, 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 ofRs 459.59 crore in March 2019 through qualified institutionalplacements (QIP). It also raised another Rs 188.16 crorecapital by preferential allotment process. In September 2019, the bank's shareholders approvedresolution to raise Rs 1,000 crore of CET -1 Capital andanother Rs 500 crore of debt capital. "Bank is considering various options to improve thecapital," it said.As on December 31, 2019, the bank had 571 branches, fiveextension counters and 1,019 ATMs across the country. VIJNVG NVG