Lakshmi Vilas Bank reports 90.54 % growth in profit in Q4

Bank's advances up by 26.65%

Lakshmi Vilas Bank (LVB) has reported a 90.54 per cent growth in net profit to Rs 40.07 crore during the fourth quarter ended March 31, 2015 from Rs 21.03 crore, a year ago.

Total income rose to Rs 663.97 crore from Rs 571.43 crore. Other income of the bank increased by 61.55 per cent from Rs 57.58 crore to Rs 93.02 crore.

Total business of the bank reached Rs 38,477.05 crore, showing an increase of 22 per cent on a Y-o-Y basis - Both deposits and advances targets achieved, said the bank.

Gross advances increased from Rs 13,037.70 crore to Rs 16,512.84 crore registering Y-O-Y growth of 26.65 per cent.

Total deposits rose from Rs 18,572.88 crore in Fiscal 2014 to Rs 21,964.21 crore, registering Y-o-Y growth of 18.26 per cent.

Gross NPA declined from 4.19 per cent to 2.75 per cent and Net NPA from 3.44 per cent to 1.85 per cent.