Lakshmi Vilas Bank Q3 profit jumps 55 per cent

Private sector lender Lakshmi Vilas Bank reported its quarterly earnings during the market hours which was largely in line with the street estimates. Profits for the quarter under review saw an impressive jump of 55 per cent to Rs 203.91 crore.

On a nine-monthly basis, the total income of the bank registered a growth of 17.52 per cent at Rs 2484.43 crore, as against Rs 2113.99 crore in the corresponding period of the last fiscal. Its total interest income increased 11.1 per cent on a yearly basis.

The bank's CASA (current and savings account) portfolio has grown by Rs 1975.18 crore from Rs 3968.31 crore to Rs 5943.49 crore, thereby increasing the total composition from 16.58 per cent to 21.42 per cent on a yearly basis primarily due to windfall deposits on account of demonetisation.

The bank's credit growth saw an increase of 8.49 per cent on a yearly basis. In terms of asset quality, gross NPAs and net NPAs of the bank stood at 2.78 per cent and 1.82 per cent, respectively.

Net interest margin at the end of quarter stood at 2.77 per cent. The cost of deposits also came down for the bank.

The stock closed down by close to half a percentage point at Rs 138.05 on the NSE.