Lakshmi Vilas Bank Q3 net jumps four-fold at Rs 32.55 crore

Private sector lender Lakshmi Vilas Bank today reported an over four-fold jump in its standalone net profit at Rs 32.55 crore for the third quarter ended December 2014 on lower provisioning for bad loans.

The net profit of the bank in the corresponding quarter of the previous fiscal stood at Rs 7.42 crore.

The bank's gross and net non-performing assets (NPAs) were trimmed substantially during October-December quarter, it said in a filing to the BSE.

Total income during the period rose to Rs 635.36 crore, up from Rs 552.63 crore a year ago.

Bank's provisioning towards bad loans and contingencies were cut to Rs 61.24 crore from Rs 67.66 crore a year earlier.

Gross NPAs were at 3.4 per cent during October-December period of 2014-15, down from 5.6 per cent a year ago.

Net NPAs stood at 2.37 per cent in Q3 FY15, as against 4.33 per cent a year ago.

Shares of the bank traded 2.11 per cent higher at Rs 91.75 apiece in the afternoon trade on the BSE.