Lakshmi Vilas Bank net profit up by 70% to Rs 51 cr

Lakshmi Vilas Bank (LVB), the leading, fast-growing private sector Bank has recorded a sound business performance during Q3 of 2009-10. The net profit of the Bank for the 9 months ended December 31, 2009 stood at Rs. 51.44 crore, registering a growth of 69.71%, against Rs. 30.31 crore in the corresponding period of the previous year.

• Total income of the bank for the third quarter ended Dec 31, 2009 has grown 22.55% to Rs. 259.56 crore from Rs. 211.80 crore in the corresponding Q3 of previous year.
• The interest on advances and investments for the third quarter ended Dec. 2009 has grown from Rs. 171.43 crore to Rs. 235.22 crore, registering a year-on-year growth of 37.21%.
• Total deposits level rose from Rs 6402 crore to Rs 8772 crore, up by 37.02%.
• CASA (current account to savings account) deposits have increased from Rs. 978.73 crore to Rs. 1262.31 crore, registering a growth of 28.97%.
• Credit portfolio expanded from Rs. 4712 crore to Rs. 6188 crore, a 31.32% growth.
• Total business improved to Rs. 14,960 crore from Rs 11,114 crore, a growth of 34.61%.
• Bank’s gross and net NPA (non-performing assets) were 5.69% and 4.17% respectively as against 3.18% and 1.47% in the previous year’s Q3.
• The capital adequacy ratio (CAR) stood at 15.98% as per Basel-II norms as against RBI’s requirement of 9%.

The Bank has a national presence serving satisfied customers through its 271 branches, spread across 14 states and 1 union territory. It has a network of 152 ATMs. Bank has plans to open many off-site ATMs and POS across India during the current year by introducing VISA-enabled International Debit Cards. LVB has expanded its operations by opening 20 new branches and by recruiting 346 employees.