Hit by provisions for wage arrears and depreciation, Lakshmi Vilas Bank (LVB) today reported a 91.86% decline in net profit at Rs 3.34 crore for the fiscal ended March 31, 2005 as against Rs 41.04 crore in FY04.Total income for the reporting fiscal declined 10% to Rs 336.52 crore as against Rs 372.81 crore in FY04, chairman and CEO R M Nayak said today.LVB's net profit for the fourth quarter ended March 31, 2005 rose to Rs 21.67 crore as against Rs 10.95 crore in the corresponding quarter while total income dropped to Rs 87.17 crore from Rs 90.99 crore in Q4FY04.Net NPAs are pegged at 4.9%, and efforts are on to bring it down to below 2%, Nayak said.The bank's capital adequacy ratio is 11.50%. It had mopped up Rs 45 crore via a public offer in May.The bank has a deposit base of Rs 3,500 crore and advances of Rs 2,300 crore. "We are planning to increase our balance sheet size to Rs7,000 crore, and have set a target of increasing our deposit base to Rs 4,200 crore and advances to Rs 2,800 crore," Nayak said.The Karur-based bank, which presently has 225 branches and 11 extension counters, will be opening six branches this fiscal.
