The Hindu Business Line : Lakshmi Vilas Bank Q2 net up at Rs 5.37 cr

Karur, Oct. 28 Karur-based Lakshmi Vilas Bank (LVB) has recorded a net profit of Rs 5.37 crore in the second quarter ending September 30 of the financial year 2007-08, a 40 per cent increase over Rs 3.83 crore registered during the corresponding period of the last fiscal.

According to the new Managing Director, Mr V.S. Reddy, the bank plans to open 15 new branches before the end of the current year.

Total income for the quarter was up Rs 133.50 crore (Rs 114.58 crore).

LVB’s net profit for the half year ending September 30, stood at Rs 20.46 crore, more than 25 per cent than that of the corresponding period last year. Total income was at Rs 269.82 crore (Rs. 219.08 crore). The interest on advances has grown from Rs 73.38 crore to Rs 91.04 crore, Mr Reddy said. Deposits stood at Rs 5,012 crore, while the advances were at Rs 3,525 crore. The gross and net non-performing assets were at 4.46 per cent and 2.20 per cent respectively. In the current fiscal, LVB continued to implement the core banking solution (CBS) and covered 141 branches and efforts are under way to bring all the 236 branches under the CBS by March 2008 to extend networked and value-enhanced customer service, Mr Reddy said.

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Lakshmi Vilas Bank Q2 net up at Rs 5.37 cr