Lakshmi Vilas Bank Operating profit up 65%
Net Profit rises 230%
Lakshmi Vilas Bank (LVB), a fast-growing private sector Bank has registered a consistently strong business performance during the financial year of 2010-11 (FY11)
The Operating profit of the bank for FY11 was Rs 273.86 Crore, representing a robust growth of 65% over FY10 (Rs 166.21 Crore).
- Net Profit of the bank has grown to Rs 101.14 crore for FY11 compared with Rs 30.67 crore for FY10, an increase of 230 %.
- Other Income of the bank for FY11 has grown 32 % to Rs 137.02 crore
- Total deposits rose from Rs 9075 crore in FY11 to Rs 11150 crore, registering Y-o-Y growth of 23 %
- Gross credit expanded from Rs 6350 crore to Rs 8188 crore registering Y-o-Y growth of 29 %.
- The capital adequacy ratio stood at 13.19 % under Basel II (12.09 % under Basel I) as on 31st March 2011.
The board has recommended a dividend of Rs 2.50 per share (25 %) for FY11 against Rs 0.60 per share (6%) per share for FY10, a growth of 317 %.
The notable feature has been the consistency of growth and profit in Q4, qualitatively significant performance, doted with many firsts in recent times in the bank’s 8- decade history.
Focused reduction in NPA levels to strengthen fundamentals
- The Bank’s Gross NPA stands reduced to 1.93% from 5.12% of corresponding previous year.
- The Bank’s Net NPA stands reduced to 0.90% from 4.11% of corresponding previous year.
- The Provision Coverage Ratio has reached 77.17% as on 31st March 2011
The Bank has national presence serving customers through its 274 branches, spread across 15 States and 1 Union Territory of the Country. The bank has a network of 255 ATMs. Bank continues to invest behind expanding the network of ATMs. Under Financial Inclusion plan, the bank had launched the business correspondent model and will be driving the agenda for deeper penetration in unbanked villages.
The results for the year ended 31st march 2011 have been audited by the statutory auditors as per clause 41 of the Listing Agreement with the stock exchanges and the same were taken on record by the Board in its meeting held on 19th May 2011 at Karur.