Lakshmi Vilas Bank Q3 Operating Profit up 49.68%
Net Profit rises 279.47%; Registers consistent growth
Lakshmi Vilas Bank (LVB), a fast-growing private sector Bank has registered a consistently strong business performance during the third quarter of 2010-11 (Q3 of FY '11).
The Operating profit of the bank for the third quarter ended 31st Dec 2010 (Q3 of FY '11) was Rs. 58.48 Cr, representing a robust growth of 49.68% over the corresponding quarter ended 31st Dec 2009 (Rs. 39.07 Cr).
This has enabled a quality growth in the Net profit of the Bank, Rs. 25.69 Cr for Q3 of FY'11 compared with Rs. 6.77 Cr of corresponding quarter ended 31st Dec 2009 registering increase of 279.47%. This is the third successive quarter of growth, reflecting qualitatively improving fundamentals.
Total Income of the bank for Q3 FY 11 has grown 10.80% to Rs. 287.58 Cr over Q3 FY 10.
The operating profit for 9 months ended 31st Dec 2010 was Rs. 184.76 Cr and Net profit was Rs. 73.76 Cr representing a growth of 65.75% and 43.39% respectively over the corresponding period ended 31st Dec 2009. Total Income for 9 months also grew from Rs. 743.87 Cr to Rs. 858.52 Cr.
- Total Deposits rose from Rs. 8772 Cr to Rs. 9954 Cr, registering Y-o-Y growth of ~14%.
- CASA deposits have increased from Rs. 1262 Cr to Rs. 1980 Cr registering Y-o-Y growth of 57%.
- Gross Credit expanded from Rs. 6188 Cr to Rs. 6905 Cr registering Y-O-Y growth of 12%.
- Total Business improved to Rs. 16859 Cr from Rs. 14960 Cr, growing at 13% Y-O-Y.
- The Capital Adequacy Ratio stood comfortable at 12.51%, as per Basel II as at 31st Dec 2010.
Focused reduction in NPA levels to strengthen fundamentals
- The Bank’s Gross NPA stands reduced to 2.98% from 5.69% of corresponding previous quarter.
- The Bank’s Net NPA stands reduced to 2.04% from 4.17% of corresponding previous quarter.
- The Provision Coverage Ratio has reached 70.12% as at 31st Dec 2010, up from 62.33% as at 30th Sep 2010.
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 197 ATMs. Bank continues to invest behind expanding the network of ATMs. The Bank, in association with NPCI, recently launched the Inter Bank Mobile Payment Service (IMPS) for its customers and joined the ranks of the first ten banks in the country to have launched this service, and is the first private bank in the South to do so.
The unaudited results have been subjected to limited review 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 12 February 2011 at Karur.