South-based private sector lender Lakshmi Vilas Bank (LVB) today reported a 22.5 percent rise in net profit at Rs 49.07 crore for the March quarter.
The bank had posted a net profit of Rs 40.07 crore in the corresponding January-March period of 2014-15.
Total income grew by 14.29 percent to Rs 758.84 crore in the fourth quarter last fiscal, as against Rs 663.97 crore in the same quarter of 2014-15 fiscal, the bank said in a regulatory filing. During the quarter, interest income of the bank increased by 16.71 percent to Rs 666.33 crore compared with Rs 570.94 crore a year ago, it said.
On the stressed asset issue, the bank said it continues its efforts towards improving the quality. "Gross NPA (non-performing assets) as a percentage of gross advances reduced by 78 basis points (0.78 percent) to 1.97 percent as on March 31, 2016," it said.
"Net NPAs as a percentage to net advances stood at 1.18 percent as against 1.85 percent in 2014-15," it added.
The bank's Board has recommended a dividend of 30 percent, which works to be Rs 3 per share, subject to approval, for the year ended March 31, 2016, the company said.
LVB shares today closed 0.31 percent lower at Rs 80.80 apiece on BSE.
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