Lakshmi Vilas Bank net profit rises by 45%; provisions up 86%

Provisions and contingencies was at Rs 62.57 crore, rising by 86.38% yoy and 78% qoq. Gross Non-performing Asset (GNPA) stood at 2.70%, expanding by 81 basis points yoy and 56 basis points qoq.

The bank’s net interest income was at Rs 186.67 crore, increasing by 16.44% yoy and 5.13% qoq. Photo: Youtube

Lakshmi Vilas Bank reported standalone net profit of Rs 64.84 crore for the second quarter September 30, 2016, registering growth of 44.63% year-on-year (yoy) and 6.85% quarter-on-quarter (qoq).

Provisions and contingencies was at Rs 62.57 crore, rising by 86.38% yoy and 78% qoq. Gross Non-performing Asset (GNPA) stood at 2.70%, expanding by 81 basis points yoy and 56 basis points qoq.

The bank’s net interest income was at Rs 186.67 crore, increasing by 16.44% yoy and 5.13% qoq.

Total income from operations stood at Rs 830.29 crore, recording growth of 18.97% yoy and 7.15% qoq.

Total advances for this quarter stood at Rs 20,069.16 crore, up by 15.32% from Rs 17,402.21 crore a year ago same period.

Shares of Lakshmi Vilas Bank closed at Rs 151.20 on BSE, down by 0.36%.