The Karur-based Lakshmi Vilas Bank (LVB) posted a net loss of Rs 1.91 crore during the fourth quarter of fiscal 2007 against a net profit of Rs 14.24 crore in the corresponding period of the previous year. | |
| The net loss was incurred by the allotment of Rs 41.45 crore against 'provisions and contingencies' during the fourth quarter of 2007 against Rs 8.09 crore in the corresponding period of the previous year. |
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| Total income in the fourth quarter grew 38.48 per cent to Rs 125.17 crore, against Rs 90.39 crore in the corresponding period of the previous year. The board has recommended a dividend of 7 per cent. |
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| For the full year ended March 31, 2007, KVB's net profit declined to Rs 17.58 crore, registering a drop of 21.76 per cent over Rs 22.47 crore a year ago. |
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| Total income for fiscal 2007 was Rs 474.99 crore compared with Rs 357 crore for the year ended March 2006, recording a growth of around 33.05 per cent. |
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| Total business generated by the bank in fiscal 2007 was Rs 8,750 crore, with deposits accruing to Rs 5,020 crore and advances of Rs 3,730 crore. Deposits and advances grew by 15.77 per cent and 22.54 per cent, respectively. |
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| The bank is targeting Rs 11,200 crore worth of business in 2007-08, according to a release. |
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| Gross and net NPAs stood at 3.57 per cent and 1.58 per cent respectively as on March 31, 2007, compared with 4.14 per cent and 1.89 per cent a year ago. The net NPA of the bank was Rs 56.95 crore, while the capital adequacy ratio was 12.43 per cent as on March 31, 2007. |
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