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Lakshmi Vilas Bank reported an over four-fold rise in net profit to Rs 31.50 crore for the second quarter ended September 2014-15 on account of a decline in bad assets and lower provisioning.
The private sector lender’s net profit was Rs 5.85 crore during July-September of the last fiscal.
The total earnings of the bank in Q2 2014-15 rose to Rs 617.84 crore, up from Rs 536.76 crore in the year-ago period, Lakshmi Vilas said in a filing to the BSE.
Provisions and contingencies were trimmed to Rs 50.89 crore in the second quarter 2014-15 over Rs 74.63 crore in the previous fiscal.
Net non-performing assets (NPAs) or bad loans came down to 2.78 per cent in Q2, from 3.77 per cent a year ago. Gross NPAs reduced to 3.72 per cent from 5.22 per cent.
Lakshmi Vilas Bank shares were trading at Rs 76.35 apiece on the BSE, up 1.33 per cent from the previous close.
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