LVB net up 91% on higher income

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Chennai | Published: April 30, 2015 1:53:23 AM

Lakshmi Vilas Bank (LVB) reported a 90.54% jump in net profit to Rs 40.07 crore for the fourth quarter against Rs 21.03 crore in the corresponding quarter last fiscal.

Lakshmi Vilas Bank (LVB) reported a 90.54% jump in net profit to Rs 40.07 crore for the fourth quarter against Rs 21.03 crore in the corresponding quarter last fiscal. Total income grew to Rs 663.97 crore from  Rs 571.43 crore, a growth of  16%, said a statement from the bank.

For the whole financial year, net profit rose 121.74% to Rs 132.29 crore against Rs 59.66 crore in the previous fiscal. Total income for FY15 was Rs 2498.57 crore, a growth of 14.22% over the previous year. Interest income improved 11.62% over the last fiscal while cost of deposit came down  to 8.58% from 8.74%. Gross NPAs declined to 2.75% from 4.19%, while net NPAs dropped to 1.85% from 3.44%.

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