Lakshmi Vilas Bank increase Q3 net profit by 10.4%

Lakshmi Vilas Bank posted a 10.4 percent jump in net profits for the third quarter ending December 31, 2012.

The Tamil Nadu based-bank had registered a net profit of Rs 31.30 crore, compared to the Rs 28.35 crore net profit it registred in the corresponding period of the previous year.

For the nine month period ending December 31, 2012 net profits declined by 9.24 per cent to Rs 74.47 crore from Rs 82.06 crore registered  during the corresponding period of the previous year.

Total income for the third quarter ending Dec 31, 2012 rose to Rs 498.54 crore from Rs 429.49 crore registered during the corresponding period of the previous year.

For the nine month period ending Dec 31, 2012 total income soared to Rs 1,436.80 crore as against Rs 1,210.92 crore registered in the same period of the previous year, it said.

As of Dec 31, 2012 the gross NPA stood at 4.41 per cent and Net NPA at 2.97 per cent, it said.

The bank currently has 291 branches and 631 ATMs across the country. For expansion plans, the Bank has obtained permission from RBI to open 71 branches across the country for fiscal 2013-14, it said.

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