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Thursday, October 15, 2015

Lakshmi Vilas Bank Q2 net profit jumps 42% as bad loans fall

Lakshmi Vilas Bank has reported a 42 per cent rise in net profit for the September quarter at Rs. 45 crore as against a profit of Rs. 31.50 crore in the year ago quarter.

Net interest income grew to Rs. 160 crore, up by 19 per cent from Rs. 134 crore in the same quarter a year ago. Other income rose marginally to Rs. 64 crore as against Rs. 63 crore in the June to September period in FY14.

The asset quality of the bank improved with gross non-performing assets (NPA) substantially down to 1.89 per cent from 3.72 per cent as on September 30, last year. The Net NPA of the bank also reduced to 1.01 per cent from 2.78 per cent on a year-on-year basis.

As on September end, 2015, total advances increased by 28 per cent year-on-year to Rs. 17,574 crore, while total deposits grew 21 per cent to Rs. 23,445 crore.

Shares of Lakshmi Vilas Bank ended the day higher at Rs. 91.10 (+Rs 2.25 or 2.53 per cent) on the BSE.

Source : Thehindubusinessline


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