Lakshmi Vilas Bank's Q3 Net Surges 10% (03-Feb-2012)
Lakshmi Vilas Bank has posted a 10.35% rise in its net profit to Rs 28.35 crore in the third quarter on the back of higher core income. Net profit of the bank stood at Rs 25.69 crore in the same period last year. Total income of the bank rose by 49.35% to Rs 429.49 crore during this period. Similarly, the private sector lender has witnessed a 48.10% rise in interest income to Rs 394 crore compared with Rs 266 crore reported in the same period last year.
The bank's total deposits rose by 33.43% to Rs 13,281 crore from Rs 9,954 crore year earlier, gross credit expanded by 35.07% to Rs 9,344 crore in the third quarter ending December.
The bank has also witnessed a decrease in non-performing asset during this period. While gross NPA decreased to 2.42% from 2.98% last year, net NPA decreased to 1.23% from 2.04% reported in the same period last year. The private sector lender has a capital adequacy ratio of 10.82 percent by end of December and is planning to raise capital through tier-II bonds.
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