South-based private sector lender Lakshmi Vilas Bank (LVB) today reported a 22.5 per cent rise in net profit at Rs 49.07 crore for the March quarter.
The bank had posted a net profit of Rs 40.07 crore in the corresponding January-March period of 2014-15.
Total income grew by 14.29 per cent to Rs 758.84 crore in the fourth quarter last fiscal, as against Rs 663.97 crore in the same quarter of 2014-15 fiscal, the bank said in a regulatory filing.
During the quarter, interest income of the bank increased by 16.71 per cent to Rs 666.33 crore compared with Rs 570.94 crore a year ago, it said.
On the stressed asset issue, the bank said it continues its efforts towards improving the quality.
"Gross NPA (non-performing assets) as a percentage of gross advances reduced by 78 basis points (0.78 per cent) to 1.97 per cent as on March 31, 2016," it said.
"Net NPAs as a percentage to net advances stood at 1.18 per cent as against 1.85 per cent in 2014-15," it added.
The bank's Board has recommended a dividend of 30 per cent, which works to be Rs 3 per share, subject to approval, for the year ended March 31, 2016, the company said.
LVB shares today closed 0.31 per cent lower at Rs 80.80 apiece on BSE.
(REOPENS DCM 83)
Meanwhile, the top official of the bank said LVB would
focus on tapping the retail and small and medium enterprises segment as part of its growth plans during 2016-17.
"We have completed the restructuring process and now we will focus on tapping the retail and SME segment. Currently, these are the two segments witnessing rapid growth," Managing Director and CEO Parthasarathi Mukherjee said.
Stating that the bank was confident of registering "good growth" in the current fiscal, he said "we will decide during the course of year on raising equity to meet our expansion plans".
"No, we have not decided on the quantum. Hopefully, we will decide during the second quarter (on how much we need to raise)," he said.
