Lakshmi Vilas profit up 20%

Lakshmi Vilas Bank (LVB) has reported 20 per cent growth in net profit to Rs 15.09 crore for the quarter-ended June 30, compared with Rs 12.57 crore in the same period previous year.

Total income increased 30.44 per cent to Rs 136.32 crore during the quarter against Rs 104.51 crore last year. Interest on advances rose 31.16 per cent to Rs 89.61 crore against Rs 68.32 crore in the same period a year ago. Other incomes grew 105.60 per cent to Rs 16.90 crore. 

Lakshmi Vilas Performance during Q1 FY08
Rs crore	2006	2007
Total income	104.51	136.32
Net profit	12.57	15.09
NPA (%)	1.81	1.48

The bank's loan portfolio expanded to Rs 3,274.05 crore compared with Rs 3,094.19 crore last year, recording 5.81 per cent increase. LVB mopped up deposits worth Rs 4,675.37 crore during the quarter, a marginal increase of 2.38 per cent over last year's Rs 4,566.75 crore.

Gross non-performing assets (NPA) and net NPA slipped to 3.83 per cent and 1.48 per cent, respectively, against 4.03 per cent and 1.81 per cent reported in the first quarter of 2006-07. In real terms, net NPA declined 15.54 per cent to Rs 47.36 crore from Rs 54.72 crore a year ago.