Lakshmi Vilas Bank Q1 net profit up 9 pc at Rs 66 cr

Private sector Lakshmi Vilas Bank today reported a 8.95 per cent rise in net profit to Rs 66.12 crore in the first quarter ended June 30.
The bank had registered net profit of Rs 60.68 crore during the corresponding period last fiscal.
Total income of the company rose to Rs 927.25 crore for the quarter from Rs 774.87 crore in the year-ago period.
Assets quality deteriorated with gross non-performing assets, as a percentage of net advances by June 30, 2017, rose to 3.78 per cent during the quarter under review, compared to 2.14 per cent in the same period last year.

Net NPAs stood at 2.84 per cent as on June 30, 2017 from 1.30 per cent at the end of June 2016.
Provisions to cover bad assets and contingencies, however, came down to Rs 112 crore for the June quarter, from Rs 351.56 crore a year earlier.

The Chennai headquartered bank said its total business has reached to Rs 52,711.73 crore as on June 30 this year, showing an increase of 14.15 per cent year-on-year.
Gross advances grew by 15.13 per cent to Rs 23,236.19 crore from Rs 20,182.72 crore year earlier.
Net interest margin (NIM) for the quarter stood at 2.74 per cent. It was a tad higher at 2.75 per cent as of June 30, 2016.

Shares of Lakshmi Vilas Bank closed 1.81 per cent down at Rs 195.10 on BSE.