Lakshmi Vilas Bank Q1 net rises 8.96%; to raise capital

Private sector Lakshmi Vilas Bank has reported a 8.96 per cent rise in its net profits for the first quarter ending June 30, 2017 at Rs 66.12 crore, a top official said today.
The Tamil Nadu-based bank had recorded Rs 60.68 crore during corresponding quarter of previous year.
Declaring the financial results, Lakshmi Vilas Bank, MD and CEO, Parthasarathi Mukherjee said the net profits of the bank marginally went up to Rs 66.12 crore for the quarter ending June 30, 2017 up from Rs 60.68 crore registered during year ago.
"In the first quarter, we had seen enough traction in our business and growth in deposits..," he told reporters here.

On fund raising plans, he said, the bank has planned to raise capital around Rs 500-Rs 750 crore during the current financial year.
"We are planning to raise capital.. It will be based on market condition.. We are in touch with various prospective investors.. We may raise about Rs 500-Rs 750 crore.." he said.

Stating that the bank would look at raising the funds through "more than one tranches," he said the bank last year raised Tier I capital.
"Maximum (fund raising) will be through QIP (Qualified Institutional Placements) route," he said.
Total income of the bank, for the quarter ending June 30, 2017 rose to Rs 927.25 crore, from Rs 774.87 crore registered during year ago period.

Gross NPA of the bank as on June 30, 2017 stood at 3.78 per cent while net NPA at 2.84 per cent.
Advances of the bank went up to Rs 23,236.19 crore for the quarter ending June 30, 2017 from Rs 20,182.72 crore registered during year ago period.
Deposits during the April-June 2017 quarter grew to Rs 29,475.53 crore from Rs 25,995.86 crore registered during year ago period.