Lakshmi Vilas Bank (LVB) has reported a 6 per cent growth in net profit to ₹52.16 crore for the quarter ended March 31, 2017, from ₹49 crore in the year-ago period.
Though higher provisions led to modest growth in the bottomline, the old private sector bank improved its asset quality during the quarter.
Total income grew 14 per cent to ₹864.99 crore (₹758.84 crore in Q4 FY16).
Operating profit rose 78 per cent to ₹178.35 crore (₹100.17 crore). Other income increased to ₹131.44 crore (₹92.51 crore).
However, provisions and contingencies were higher at ₹108.19 crore (₹27.10 crore in the year-ago period).
Gross non-performing assets (GNPAs) as a percentage of gross advances stood at 2.67 per cent as against 2.78 per cent in the preceding quarter and 1.97 per cent in Q4 of the previous fiscal.
Net NPA fell to 1.76 per cent from 1.82 per cent on sequential basis. But, it was higher than the 1.18 per cent in the year-ago quarter.
During the fourth quarter, LVB raised ₹168 crore through issuance of 1.19 crore equity shares on QIP (qualified institutional placement) basis.
FY17 performanceFor the year ended March 31, 2017, net profit rose 42 per cent to ₹256 crore (₹180.24 crore in FY16). Total income grew to ₹3,349.43 crore (₹2,872.83 crore), and operating profit rose 56 per cent to ₹634 crore (₹407.12 crore).
The provision-coverage ratio stood at 59.51 per cent as on March 31, 2017.
The board has recommended a dividend of ₹2.70 per share (27 per cent) for 2016-17.