Lakshmi Vilas Bank Q2 net up 18% at Rs 29 cr

Private sector lender Lakshmi Vilas Bank (LVB) has reported an 18% jump in net profit to Rs 29 crore for the second quarter ended September 30, 2011, on the back of higher income.

The bank had posted a net profit of Rs 25 crore for the July-September quarter of 2010.

Total income of the bank rose to Rs 411.50 crore during the quarter from Rs 296 crore in the same quarter last fiscal, LVB said in a filing to the BSE.

During the first six months of the current fiscal, the lender's net profit rose by 12% to Rs 54 crore from Rs 48 crore in the corresponding period last fiscal, it said.

The bank's total income during April-September period of the 2011-12 financial year rose to Rs 781.50 crore from Rs 571 crore in the same period of FY10-11, it added.

The gross non-performing assets (NPAs) of the South India-based lender decreased to Rs 197 crore during the quarter from Rs 264 crore in the corresponding year-ago period.

Shares of the lender were down marginally by 0.46% at Rs 97.30 per share in afternoon trade on the BSE.