Money & Banking

Lakshmi Vilas Bank net rises 22% in fourth quarter

Our Bureau Chennai | Updated on January 20, 2018

Parthasarathi Mukherjee, MD and CEO, LVB

Growth roadmap for the next 10 years has been charted out, says MD

Lakshmi Vilas Bank has reported a 22 per cent growth in net profit for the quarter ended March 31, 2016, as compared with the corresponding previous year quarter.

The bank reported a net profit of ₹49.07 crore (₹40.07 crore in Q4 FY15) on total income of ₹758.84 crore (₹663.97 crore). Interest income grew to ₹666.33 crore (₹570.94 crore).

For 2015-16, it announced a dividend of ₹3 (30 per cent) for every share of face value ₹10.

M Palaniappan, Chief Financial Officer, LVB, said the private sector bank sees the current year as one of consolidation. It will focus on improving fee-based income, which are at moderate levels now, and cost-to-income ratio, which needs to be reined in.

Parthasarathi Mukherjee, Managing Director and CEO, LVB, said the 90-year-old bank has charted out a road-map for growth over the next 10 years. It will frame measures to add value to customer service and offer a wider range of products and services. Retail and SME segments are its strongest suit.

It will grow its low-cost fund base, and focus on increasing its CASA (current account, savings account) deposits and net interest income.

On the BSE, the company’s shares closed marginally lower at ₹80.80 over the previous close of ₹81.05.

Published on April 27, 2016

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