Lakshmi Vilas Bank hits 52-week high post Q3 results

The stock moved higher by nearly 5% to Rs 94.25 on NSE.

Lakshmi Vilas Bank has moved higher by nearly 5% to Rs 94.25, also its 52-week high on NSE, after reporting an over four-fold jump in standalone net profit at Rs 32.56 crore for the third quarter ended December 2014 (Q3), due to higher other income. The private sector lender had profit of Rs 7.43 crore in the same quarter last fiscal.

Net interest income (interest earned minus interest expended) grew 10% at Rs 138 crore against Rs 125 crore in year ago quarter. Other income surged 59% to Rs 73 crore from Rs 46 crore on yoy basis, Lakshmi Vilas Bank said in a statement.

The bank’s ratio of net non-performing assets (NPAs) to net advances declined to 2.37% as of December 31, 2014, from 2.78% as on September 30, 2014. It had 4.33% as on December 31, 2013.

The ratio of gross NPAs to gross advances declined to 3.40% from 3.72% on sequential basis. The gross NPA stood at 5.60% as on December 31, 2013.

The stock opened at Rs 91 and touched a low of Rs 90 on NSE, before the announcements of results. The counter has seen an over three-fold jump in trading volumes with a combined 6.1 million shares changing hands till 1258 hours on NSE and BSE.