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Coimbatore

LVB net profit up by 8.95 p.c

Covai Post Network

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The net profit of Lakshmi Vilas Bank (LVB) increased by 8.95 per cent in the first quarter of 2017 – from Rs. 60.68 crore to Rs. 66.12 crore.

The operating profit also went up from Rs. 25.84 crore to Rs.199.13 crore, according to a bank release said today.
The LVB Board of Directors approved the unaudited financial results for the quarter ended June 30, 2017 at their meeting held in Chennai today, the bank’s Managing Director and CEO, P. Mukherjee, said in the release.

While total business of the bank reached Rs. 52,711.73 crore as on June 30, showing an increase of 14.15 per cent, year on year, gross advances increased from Rs. 20,182.72 crore to Rs. 23,236.19 crore registering year on year growth of 15.13 per cent, he said.

Total deposits rose from Rs. 25,995.86 crore to Rs.29,475.53 crore registering Y-o-Y growth of 13.39 per cent.

Stating that CASA grew from Rs. 4,180.65 crore to 5,707.69 crore, registering growth of 36.53 per cent, Mukherjee said that CASA as a percentage to deposit improved to 19.36 per cent from 16.08 per cent year on year.

The Gross NPA and Net NPA of the bank stood at 3.78 per cent and 2.84 per cent, respectively.

The total deposits as on June 30 stood at Rs. 29,475.53 crores, registering a growth of 13.39 per cent over last year.

The Bank’s total Capital Adequacy Ratio (CAR) as per Basel III guidelines, was at 11.67 per cent as at June 30, Mukherjee said.

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