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Lakshmi Vilas Bank (LVB) is planning to raise around Rs 350 crore through QIP and other modes. It has estimated it would require around Rs 1,200 crore in the next three years.
The bank reported a 90.54 per cent growth in net profit to Rs 40.07 crore during the fourth quarter ended March 31, 2015, as against Rs 21.03 crore in the same period last year.
Rakesh Sharma, managing director, Lakshmi Vilas Bank Ltd, said the bank was planning to raise the money during the first half of the year. This would support its targeted 23 per cent growth in 2015-16. The growth would be led by retail, SME, gold loan and others.
"We are in transformational journey, have registered a good performance during the financial year 2014-15 (FY15) in a challenging environment," said Sharma.
Total income of the bank rose to Rs 663.97 crore during the fourth quarter from Rs 571.43 crore. Other income increased 61.55 per cent from Rs 57.58 crore to Rs 93.02 crore.
The total business reached Rs 38,477.05 crore, showing an increase of 22 per cent. Gross advances were up 26.65 per cent to Rs 16,512.84 crore, from Rs 13,037.70 crore while total deposits rose 18.26 per cent to Rs 21,964.21 crore, as against Rs 18,572.88 crore in the fiscal 2013-14.
Gross NPAs improved from 4.19 per cent to 2.75 per cent and net NPAs to 1.85 per cent from the earlier 3.44 per cent. The bank has a network of 400 branches and was planning to add 75 more during the current fiscal, said Sharma.
