Lakshmi Vilas Bank hits the bull's eye: Net profits up by 51 per cent

Lakshmi Vilas Bank has started off with good numbers in Q1FY17. The Bank has posted robust numbers in Q1, whereby the net profit of the bank has increased by 51 per cent in Q1FY17 as compared to Q1FY16.

Net interest income has grown by 22.2 per cent to Rs 177.5 crore in Q1FY17 from Rs 145.2 crore in same period of last fiscal. Other income has increased by 13 per cent to Rs 89.2 crore and operating profit is up by 16.9 percent at Rs 125.8 crore compared with corresponding period of last fiscal. Gross NPA for Q1FY17 stands at 2.14 per cent and Net NPA stands at 1.3 per cent in Q1. In absolute terms, gross NPA has risen by 10.4 percent to Rs 431.9 crore and net NPA has increased 12.3 percent to Rs 260.2 crore compared to Q1FY16.

The shares on the other hand closed at Rs 115.90, marginally down by 0.69 per cent. In the last 5 days the shares have given a return of approximately 10 per cent. The shares in the last 3 months have surged by 32 per cent.

Lakshmi Vilas Bank is an Indian private sector bank. The bank focuses on corporate banking, retail banking and bancassurance. The bank currently has 460 branches, 1 satellite branch and 7 extension counters spread over 16 states and union territories of Pondicherry.