Lakshmi Vilas Bank Q1 Net goes up marginally

Bank clocked Rs 25 cr net profit during corresponding quarter of previous fiscal

Private sector lender Lakshmi Vilas Bank (LVB) has reported a marginal increase in its net profit for the first quarter ending June 30, 2013 at Rs 25.35 crore.

The Tamil Nadu-based bank had clocked Rs 25.23 crore net profit during the corresponding quarter of previous fiscal.

The total income of the bank rose to Rs 532.45 crore for the first quarter ending June 30, 2013 from Rs 461.25 crore during the corresponding period a year ago, it said today.

Total deposits of the bank for the first quarter FY'14 stood at Rs 15,688.93 crore, up 11% from Rs 14,135.60 crore during the corresponding period last fiscal.

The gross advances of the bank grew by 12.80% to Rs 11,848.66 crore for the quarter from Rs 10,503.94 crore, during the corresponding period of previous year.

Total business of the bank grew to Rs 27,537.59 crore for the April-June quarter, up 11.76%, from Rs 24,639.54 crore during the same period last year.

Gross Non-Performing Assets (NPA) of the bank as on June 30, 2013 stood at 5.27%, while Net NPA stood at 3.74%.

The Net Interest Margin of the bank rose to 2.85% as of June 30, 2013 against 2.17% registered during the corresponding quarter of previous year.

LVB currently has 299 branches and an ATM network of 684 across the country.

Shares of the bank closed at Rs 63.10 apiece, up 0.64% over previous close on the BSE.