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Business News/ Companies / Company-results/  Lakshmi Vilas Bank Q1 profit soars 43%
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Lakshmi Vilas Bank Q1 profit soars 43%

Net profit jumps to Rs40.26 crore for the quarter ended June from Rs28.16 crore a year ago

Net interest income increased 25% from a year ago to Rs145.23 crore in the June quarter compared with Rs116.20 crore.Premium
Net interest income increased 25% from a year ago to Rs145.23 crore in the June quarter compared with Rs116.20 crore.

Mumbai: Lakshmi Vilas Bank Ltd on Thursday reported 43% increase in its net profit in the June quarter on higher interest income.

Net profit rose to 40.26 crore for the quarter ended June from 28.16 crore a year ago. According to a poll of four Bloomberg analysts, the bank was expected to post net profit of 38.43 crore.

Net interest income, or the difference between the interest earned on loans and that paid on deposits, increased 25% from a year ago to 145.23 crore in the June quarter compared with 116.20 crore.

Other income—or income earned from fees, trading in foreign exchange and gain on revaluation or sale of investments—increased 45% to Rs78.97 crore in the June quarter from 54.97 crore in the year earlier.

Provisions and contingencies jumped 85% to 60.31 crore as against 32.61 crore in the same quarter last year.

Gross non-performing assets fell to 2.72% in the quarter from 3.96% a year ago, while net NPAs were at 1.72% from 3.19% on year.

At 11.51am, Lakshmi Vilas Bank rose 2.8% to 96.90 on BSE, while India’s benchmark Sensex fell 0.32% to 28,414.95 points.

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Published: 23 Jul 2015, 12:32 PM IST
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