LVB net up 23%

The Tamil Nadu-based bank had reported net profit of Rs 17 cr during the corresponding quarter of the previous year

Private lender Lakhsmi Vilas Bank has registered a 23 per cent increase in net profit at Rs 21 crore for the quarter ended March 31, 2014.

The Tamil Nadu-based bank had reported net profit of Rs 17 crore during the corresponding quarter of the previous year.

For the financial year ending March 31, 2014, the net profit of the bank slipped 35 per cent to Rs 60 crore from Rs 91 crore registered during the corresponding period of previous year.

Total income of the bank for the quarter grew to Rs 575 crore from Rs 521 crore registered during the corresponding period of the previous year.

Net Interest Margin improved to 2.87 per cent for the year ended March 31, 2014 from 2.62 per cent.

The bank opened 70 new branches during the financial year ended March 31, 2014 taking the total number of branches to 361, it said.