Lakshmi Vilas Bank reported a net profit of ₹60.68 crore in the first quarter of the current fiscal, a 51 per cent jump over the ₹40.26 crore reported in the year-ago quarter.
The bank has done well and met its internal targets across all parameters, said P Mukherjee, Managing Director and CEO, Lakshmi Vilas Bank.
Addressing media persons, he said the performance is sustainable and there is reason for optimism. The underlying factors that have contributed to the growth include improvement in cost of funds, and increase in fee-based income and treasury operations.
During the quarter, total business grew to ₹46,178 crore (₹38,802 crore), total deposits to ₹25,995 crore (₹ 22,239 crore), and CASA (current account, savings account) deposits to ₹4,180 crore (₹3,874 crore).
Gross non-performing asset (GNPA) stood at 2.14 per cent and net NPA at 1.30 per cent.
Net interest margin was up at 2.75 per cent (2.61 per cent).
On the BSE, the bank’s shares closed at ₹115.90, marginally below the previous close of ₹116.70.