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
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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