Lakshmi Vilas Bank Q1 net up 11 pct at Rs 28.15 cr; announces rights issue

Press Trust of India Posted online: Wednesday, Jul 16, 2014 at 0000 hrs
Mumbai : Private sector lender Lakshmi Vilas Bank today posted a 11 per cent jump in its June quarter net at Rs 28.15 crore.

The Karur, Tamil Nadu-headquartered bank has registered a post tax net profit of Rs 25.34 crore in the corresponding period last year.

Its total income moved up to Rs 587.12 crore from the Rs 532.45 crore in the year-ago period, while the net profit before tax moved up to Rs 37.15 crore as against the Rs 34.34 crore in the year-ago period.

On the asset quality front, its gross non performing assets ratio improved to 3.96 per cent as against the 5.27 per cent in June 2013 and 4.19 per cent in March 2014.

Its provisions for bad assets also declined to Rs 32.60 crore from the Rs 49.90 crore in the year-ago period.

Meanwhile, the bank today announced a rights issue programme under which an investor holding six shares shall get five new shares at the rate of Rs 50 per rights equity share, it informed the BSE.

The bank scrip moved closed 2.79 per cent up at Rs 106.80 per share on the BSE, whose 30-share Sensex gained 1.27 per cent at the end of trade.