Private sector lender Lakshmi Vilas Bank
's first quarter (April-June) profit shot up 50.6 percent year-on-year
to Rs 60.7 crore on higher net interest income and lower provisions.
Net interest income, the difference between interest earned and interest
expended, grew by 22.2 percent to Rs 177.5 crore in the quarter ended
June 2016 from Rs 145.2 crore in same period of last fiscal.
Other income (non-interest income) increased 12.9 percent to Rs 89.2
crore and operating profit was up by 16.9 percent at Rs 125.8 crore
compared with corresponding period of last fiscal.
Provisions for bad loans fell 39.7 percent year-on-year (up 29.7 percent
quarter-on-quarter) to Rs 35.15 crore in June quarter.
Asset quality slightly weakened as gross non-performing assets (NPA)
increased 17 basis points sequentially to 2.14 percent and net NPA 12
basis points to 1.30 percent in Q1.
< In absolute terms, gross NPA rose 10.4 percent to Rs 431.9 crore and net
NPA increased 12.3 percent to Rs 260.2 crore compared with preceding
period.
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