Lakshmi Vilas Bank Q2 profit jumps 4-fold at Rs 31 cr

Lakshmi Vilas Bank reported over 4-fold rise in net profit to Rs 31.50 crore for the second quarter ended September, 2014-15, on account of decline in bad assets and lower provisioning.

The private sector lender's net profit was Rs 5.85 crore in the July-September of the last fiscal.

The total earnings of the bank in Q2, 2014-15 rose to Rs 617.84 crore, up from Rs 536.76 crore in the year-ago period, Lakshmi Vilas said in a filing to the BSE.

Provisions and contingencies were trimmed to Rs 50.89 crore in the second quarter 2014-15 over Rs 74.63 crore in the previous fiscal.

Net non-performing assets (NPAs) or bad loans came down to 2.78% in Q2, from 3.77% a year ago. Gross NPAs reduced to 3.72% from 5.22%.

Lakshmi Vilas Bank shares were trading at Rs 76.35 apiece on the BSE, up 1.33% from the previous close.