New Delhi : Chennai-based private sector lender Lakshmi Vilas Bank has reported a 42.3 % rise in net profit at Rs 44.83 crore for the second quarter ended September 30.
Bank’s profitability was attributed to an improved asset quality on substantial reduction in non-performing assets (NPAs) leading to reduced allocation for bad loans and contingencies. Net profit during the same quarter last fiscal was Rs 31.50 crore. Total income rose to Rs 697.88 crore as against Rs 613.87 crore year ago, the bank said in a regulatory filing.
Lakshmi Vilas Bank (LVB) made a provision of Rs 35.57 crore towards bad loans and contingencies during the second quarter, significantly lower from Rs 50.89 crore parked a year ago. Gross NPAs or bad loans came down to 1.89 % of gross advances for the September quarter from 3.72 % in the same quarter of 2014-15. Net NPAs stood at 1.01 % of net advance down from 2.78 % year ago. In absolute terms, gross NPAs were at Rs 331.80 crore in the second quarter of current fiscal as against Rs 510.97 crore last fiscal.
