Financial Daily from THE HINDU group of publications
Friday, May 19, 2006
Financial Daily from THE HINDU group of publications Friday, May 19, 2006 |
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Money & Banking
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Financial Performance Corporate Results - Private Banks Lakshmi Vilas Bank net soars to Rs 22.47 cr Our Bureau
Coimbatore , May 18 The board of directors of Karur-based Lakshmi Vilas Bank has recommended a dividend of 25 per cent for the 2005-06 fiscal. Commenting on the bank's performance, the CEO and Chairman, Mr R.M. Nayak, said the net profit had soared by over 570 per cent in the just ended fiscal from Rs 3.34 crore to Rs 22.47 crore. He attributed this achievement to the excellent performance during the last quarter of 2005-06 fiscal. "The net profit during that quarter jumped by over 172 per cent from Rs 8.25 crore (cumulative for the first three quarters) to Rs 22.47 crore,'' he said.
NPAs down
The bank has managed to reduce its NPA (non performing asset) sizeably to Rs 55.59 crore from a level of Rs 115.05 crore during the corresponding period of 2004-05. The net NPA has been brought down to 1.89 per cent (4.98 per cent). The bank is targeting to bring it down to less than one per cent this year.
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