LVB Q4 net profit up 22.9 pc at Rs 21.03 cr

Private lender Lakhsmi Vilas Bank has registered a 22.9 per cent increase in net profit at Rs 21.03 crore for the fourth quarter ended March 31, 2014.
The Tamil Nadu based bank has reported net profit of Rs 17.10 crore during the corresponding quarter of previous year, Lakshmi Vilas Bank said in a BSE filing.
For the financial year ending March 31, 2014 the net profit of the bank slipped by 34.8 per cent to Rs 59.65 crore from Rs 91.57 crore registered during the corresponding period of previous year.
Total income of the bank for the fourth quarter ended March 31, 2014 grew to Rs 575.46 crore from Rs 520.81 crore registered during the same period of previous year.

For the financial year ended March 2014, the total income of the bank soared to Rs 2,201.94 crore from Rs 1,957.61 crore during the same period of previous year.
The company said the total deposits rose to Rs 18,572.88 crore in 2013-14 from Rs 15,618.98 crore registered during 2012-13.

Net Interest Margin improved to 2.87 per cent for the year ended March 31, 2014 from 2.62 per cent.
The bank opened 70 new branches during the financial year ended March 31, 2014 taking the total number of branches to 361, it said.
According to Lakshmi Vilas Bank, Managing Director and CEO, Rakesh Sharma, the bank has engaged Ernst and Young as management consultant to achieve the next phase of growth in becoming a "leading commercial bank".

"The project is under implementation stage," he said.