Lakshmi Vilas Bank Q1 net jumps 50% to Rs 61 cr

Lakshmi Vilas Bank today posted a rise of over 50 per cent in net profit at Rs 60.68 crore for the quarter ended June.
The private sector lender had reported net profit of Rs 40.26 crore in the April-June quarter in the previous fiscal.
Total income during the period increased to Rs 774.87 crore from Rs 693.05 crore in the same period a year ago, Lakshmi Vilas Bank in a regulatory filing.
The bank further said it improved on its asset quality as gross non-performing assets (NPAs) were brought down to 2.14 per cent of the gross advances as on June 2016, from 2.72 per cent a year ago.

Net NPAs or bad loans were 1.3 per cent of the net advances as against 1.72 per cent.
Thus, the provision towards bad loans and contingencies were also cut down to Rs 35.15 crore during April-June quarter as against Rs 50.31 crore.
Shares of Lakshmi Vilas Bank were trading 0.9 per cent down at Rs 115.65 on BSE.