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Our Bureau

Coimbatore, July 28

The Karur-headquartered Lakshmi Vilas Bank (LVB) has registered a three-fold increase in its net profit during the first quarter of the current fiscal compared to the corresponding quarter of the previous fiscal.

Its net profit was up at Rs 12.57 crore (Rs 4.30 crore) for the quarter ended June 2006. While the total income grew by 33 per cent to Rs 107.23 crore (Rs 80.89 crore), its other income rose by 134 per cent to touch Rs 10.49 crore (Rs 4.49 crore).

The credit portfolio expanded by 45 per cent to Rs 3,094.19 crore (Rs 2,137.96 crore) and the deposit level by 33 per cent to Rs 4,566.75 crore (Rs 3,433.66 crore). Its net NPA fell to Rs 54.72 crore (Rs 115.22 crore); i.e. 1.81 per cent from 5.58 per cent during the corresponding previous quarter. Mr R.M. Nayak, CEO and Chairman, said the bank would strive to achieve a business target of Rs 10,000 crore this fiscal.

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