Lakshmi Vilas Bank Q3 net profit up 10.4%

However, net profit for the nine month period ending December 31, 2012 declined by 9.24%

Lakshmi Vilas Bank has reported a 10.4% jump in net profit for the third quarter ending December 31, 2012 at Rs 31.30 crore.

The Tamil Nadu-based bank had registered a net profit of Rs 28.35 crore in the corresponding period last year, a bank statement said.

For the nine month period ending December 31, 2012, net profit declined by 9.24% to Rs 74.47 crore from Rs 82.06 crore registered during the corresponding period last year.

Total income for the third quarter rose to Rs 498.54 crore from Rs 429.49 crore registered during the corresponding period of the previous year.

For the nine month period ending Dec 31, 2012, total income soared to Rs 1,436.80 crore as against Rs 1,210.92 crore registered in the same period of the previous year, it said.

As of Dec 31, 2012 the gross NPAs stood at 4.41% and Net NPA at 2.97%, it said.

The bank currently has 291 branches and 631 ATMs across the country. For expansion plans, the bank has obtained permission from RBI to open 71 branches across the country for fiscal 2013-14, it said.

Shares of the company were trading at Rs 95.65 apiece, down 0.93% over the previous close in BSE.