Strong Q1 numbers generate interest in Lakshmi Vilas Bank

Lakshmi Vilas Bank rose 3.51% to Rs 110.55 at 9:48 IST on BSE after net profit surged 33.88% to Rs 28.16 crore on 10.27% growth in total income to Rs 587.13 crore in Q1 June 2014 over Q1 June 2013.

The Q1 result was announced after market hours on Wednesday, 16 July 2014.

Meanwhile, the S&P BSE Sensex was up 22.49 points or 0.09% at 25,572.21.

On BSE, so far 1.33 lakh shares were traded in the counter as against average daily volume of 61,000 shares in the past two weeks.

The stock hit a high of Rs 114.90 so far during the day, which is a 52-week high for the counter. The stock hit a low of Rs 109.70 so far during the day.

Lakshmi Vilas Bank (LVB)'s total interest income rose 10.98% to Rs 530.39 crore in Q1 June 2014 over Q1 June 2013.

The bank's gross non-performing assets (NPA) and net NPA ratios stood at 3.96% and 3.19% respectively as on 30 June 2014 against 5.27% and 3.74% respectively as on 30 June 2013.

LVB's board of directors at its meeting held on Wednesday, 16 July 2014, approved the rights issue of equity shares at Rs 50 per rights equity share (including premium of Rs 40 per right equity share) in the ratio of 5 equity shares for every six equity shares held.

Lakshmi Vilas Bank provides a variety of services, including corporate banking, commercial & personal banking, retail banking, NRI services, insurance and development banking through a network of branches. The bank has a strong and wide base in Tamil Nadu.

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