Mumbai: Lakshmi Vilas Bank Ltd on Thursday said its net profit for the December quarter jumped 70.12% from a year ago on higher net interest income, other income and lower provisions.
Net profit for the quarter stood at Rs78.38 crore as compared to Rs46.07 crore a year ago. Two Bloomberg analysts had earlier forecast a net profit of Rs66.75 crore.
Net interest income (NII), or the core income a bank earns by giving loans, increased 14.1% to Rs190.62 crore from Rs167.07 crore last year. Other income surged 116% to Rs150.22 crore from Rs69.33 crore in the same period last year.
Provisions and contingencies fell 23.18% to Rs48.07 crore in the quarter from Rs62.57 crore a quarter ago. On year-on-year (y-o-y) basis, they declined 17% from Rs57.91 crore.
Gross non-performing assets (NPAs) rose marginally by 0.46% to Rs548.6 crore at the end of the December quarter from Rs546.11 crore in the September quarter. On y-o-y basis, it jumped 65.45% from Rs331.57 crore.
As a percentage of total loans, gross NPAs were 2.78% at the end of the December quarter as compared to 2.7% in the previous quarter and 1.82 % in the year-ago quarter. Net NPAs were at 1.82% in the December quarter compared to 1.87% in the previous quarter and 0.8% in the same quarter last year.
At 2.50pm, Lakshmi Vilas Bank was trading at Rs139 on the BSE, up 0.14% from its previous close, while India’s benchmark Sensex rose 0.21% to 27,315.80 points.