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Lakshmi Vilas Bank’s net profit slipped 31.4 per cent to Rs 17.10 crore during the quarter ended March 2013 from Rs 24.96 crore clocked during the corresponding quarter of the earlier fiscal.
The Karur-headquartered bank’s operating profit during the last quarter was however up by 41.7 per cent at Rs 79.34 crore (Rs 56 crore).
The dip in the net profit was on account of provision for tax and other necessary provisions, the bank said in a release. The bank’s total business increased to Rs 27,511 crore (Rs 25,830 crore).
Driven by higher interest costs, its net interest margin fell to 2.62 per cent against 2.91 per cent in the previous year.
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