Lakshmi Vilas Bank's PAT increases by 42.27 per cent

Lakshmi Vilas Bank posted it's Q2 results yesterday. The bank's total interest earned increased by 3.27 per cent to Rs 634 crore in Q2FY16 as compared to previous quarter. It's total expenditure increased by 3.25 per cent to Rs 602 crore in Q2FY16 on quarterly basis. Lakshmi Vilas Bank's total expenditure increased largely due to a 1.07 per cent increment in the interest expense during the quarter.

The Operating profit of the Lakshmi Vilas Bank increased by 3.6 per cent to Rs 31.69 crore in Q2FY16 as compared to previous quarter. The bank's PBT increased by 21.48 per cent to Rs 59.83 crore in Q2FY16 on quarterly basis as provision and contingencies expense reduced by 41 per cent to Rs 35.58 crore during the quarter.Its PAT increased by 11.38 per cent to 44.83 crore in Q2FY16 on quarterly basis.

Lakshmi Vilas Bank's asset quality increased and it's gross NPA (Non performing Assets) stood at 1.89 per cent to Rs 332 crore in Q2FY16 against 2.72 per cent to Rs 451 crore in Q1FY16. However, it's net NPA contracted by 71 basis points to 1.01 per cent amounting to Rs 176 crore in Q2FY16 on quarterly basis.

On segmental basis, Lakshmi Vilas Bank's 49.07 per cent of net sales contributed from Retail banking segment, 30.07 per cent of net sales contributed from Wholesale banking segment,20.68 per cent of net sales contributed from Treasury segment, and remaining 0.18 per cent from other banking operations segment during Q2FY16.

Lakshmi Vilas Bank's total interest earned increased by 15.05 per cent to Rs 634 crore in Q2FY16 as compared to same period in previous financial year. The operating profit of the bank increased by 33.38 per cent to Rs 31.69 crore in Q2FY16 on yearly basis. Its PBT increased by 51.43 per cent to Rs 59.83 crore in Q2FY16 on yearly basis as provision while the contingencies expense reduced by 30.1 per cent to Rs 35.58 crore during the quarter.Its PAT increased by 42.27 per cent to 44.83 crore in Q2FY16 on yearly basis.

The share price of the Lakshmi Vilas Bank increased by 1.09 per cent on BSE in early trades to Rs 91.7 on intraday basis.

Lakshmi Vilas Bank's segments include Treasury operations, Corporate/wholesale banking operations, Retail banking operations and Other banking operations. The Bank has a network of approximately 400 branches, including a satellite branch and 7 extension counters, spread across 16 states and the union territory of Pondicherry.