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LVB posts 31 per cent growth in Q1 net profit

Lakshmi Vilas Bank, has reported 51 per cent increase in its net profit at Rs.60.68 crore for the quarter ended 30 June, 2016, as against Rs.40.26 crore in the same quarter previous fiscal.

Operating profit for the first quarter stood at Rs.125.84 crore as against Rs.107.56 crore, posting an increase of 17 per cent.  Total interest income grew by 11.65 per cent, to Rs.685.66 crore against Rs.614.09 crore in the corresponding period of the previous financial year. Total Income increased by 12 per cent to Rs.774.87 crore from Rs.693.06 crore.

“The quarter has started on a good note for us. Our net profits have doubled (50.72 per cent) from last quarter. The bank will continue its thrust on branch network expansion and by introducing digital initiatives to lower the costs,”  said Parthasarathi Mukherjee, MD & CEO, Lakshmi Vilas Bank.

As on 30 June, its gross and net NPA stood at 2.14 per cent and 1.30 per cent respectively. Return on Assets and Return on Equity stood at 0.84 per cent and 14.96 per cent during Q1 as against 0.65 per cent and 10.76 per cent during Q1 of last fiscal.

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