Private sector lender Lakshmi Vilas Bank 's profit in July-September quarter grew by 44.6 percent to Rs 64.85 crore, driven by other income and operating profit despite higher provisions.
Net interest income, the difference between interest earned and interest expended, increased 16.4 percent to Rs 186.6 crore in same period. Other income (non-interest income) during the quarter jumped 107 percent to Rs 131.9 crore and operating profit surged 70 percent to Rs 158.4 crore on yearly basis.
Asset quality weakened further in the quarter ended September 2016 as gross non-performing assets (NPA) as a percentage of gross advances climbed to 2.7 percent from 2.14 percent and net NPA rose 1.87 percent to 1.3 percent on sequential basis.
In absolute terms, gross NPA increased 26.4 percent to Rs 546.1 crore and net NPA jumped 44.5 percent to Rs 376 crore compared to preceding period. Provisions for bad loans shot up 78 percent quarter-on-quarter and 86.4 percent year-on-year to Rs 62.57 crore during July-September quarter.
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