Four-fold Jump in LVB Net Profit

Published: 14th January 2015 06:00 AM  |   Last Updated: 14th January 2015 04:11 AM   |  A+A-

CHENNAI: Private sector lender Lakshmi VilasBank (LVB) has posted more than a four-fold increase in net profit for the quarter ended December 2014 on the back of higher income and lower provisions. The bank has registered a net profit of Rs 32.55 crore as against Rs 7.42 crore during the same period last year.  The bank’s operating profit jumped by 37% to stand at Rs 102.79 crore as against Rs 75 crore last year and with  provisions and contingencies declining by 9.5% year-on-year. The bank’s gross NPAs were down 2.2% y-o-y to stand at 3.4% and net NPA falling 1.96% to stand at 2.37%. Net interest income rose by 9.7% to stand at Rs 137.51 crore and other income by 59% to stand at Rs 73.36 crore. 

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