Lakshmi Vilas Bank has reported that it has detected a Rs 75 crore bill discounting fraud involving a series of domestic trade finance transactions. The bank revealed this while announcing its quarterly results and said it would provide for this fraud over the next three quarters. The bank’s Q2 gross NPA as a percentage of advances rose to 2.7%, up from 1.89% in the year ago. The bank also reported another NPA default in the quarter – Rs 61 crore loss from a loan to a food processing company in the north. The bank has nearly doubled its provisions against loan losses to Rs 62.57 core from Rs 33.57 crore. The bank reported growth in income from treasury operations, corporate and retail banking accounts.
