The Hindu Business Line : LVB posts 40% rise in net profit

Lakshmi Vilas Bank has registered a 40 per cent increase in its net profit at Rs 5.37 crore during the second quarter of this fiscal compared with Rs 3.83 crore during the same period of the earlier year. The total income for the quarter ended September 2007 grew by 16 per cent to Rs 133.50 crore (Rs 114.58 crore).

Interest on advances during the first 6 months of the current fiscal rose to Rs 91.04 crore (Rs.73.38 crore), registering a 24 per cent increase. The total deposits crossed the Rs 5,000-crore mark to touch Rs 5,012 crore, while advances stood at Rs 3,525 crore. The bank, according to its Managing Director, Mr V.S. Reddy, is targeting a business volume of Rs 11,000 crore this fiscal. - Our Bureau

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