Lakshmi Vilas Bank Q3 net soars 41% at Rs 46 crore

Private lender Lakshmi Vilas Bank today reported 41.5% jump in net profit at Rs 46.07 crore for the October-December quarter of 2015-16 on fall in bad loans and healthy revenue from retail and corporate banking segments.

The bank also announced appointment of Parthasarathi Mukherjee as Additional Director and also its Managing Director and Chief Executive Officer.

He would serve the bank for a period of three years from the date of taking the charge, the bank said in a filing to BSE stock exchange.

The private lender had reported a net profit of Rs 32.56 crore during October-December 2014-15.

Total income of the bank rose 13.8% to Rs 723.05 crore in the December quarter this fiscal as against Rs 635.36 crore in the same period of previous fiscal, the bank said in a BSE filing.

Revenue from wholesale/corporate banking operations rose to Rs 216.60 crore during the quarter under review from Rs 184.82 crore a year ago.

Retail banking earnings rose to Rs 353.41 crore as against Rs 301.56 crore.

Lakshmi Vilas Bank also trimmed its gross non-performing assets (NPAs) or the bad loans as a percentage of gross advances to 1.82% in the third quarter of the current fiscal from 3.4% in the year-ago period.

Net NPAs were trimmed to 0.80% of the net advances as of December 2015 down from 2.37% a year ago.

Also, the bank said there was deferment of loss to the extent of Rs 76.61 crore on sale of advances to Asset Reconstruction Companies.

Besides, there was deferment of provision for non-performing advances of Rs 2.94 crore based on dispensation obtained from the RBI, it said.

Shares of the Bank closed 5.44% higher at Rs 93.10 apiece on BSE.