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Lakshmi Vilas Bank reported a 43 per cent increase in net profit to ₹40 crore for the quarter ended June 30, 2015, as against ₹28 crore in the same quarter last year. “There was an improvement across all efficiency parameters,” said the bank’s Managing Director and CEO Rakesh Sharma.
The bank plans to raise nearly ₹350 crore by way of qualified institutional placement or other sources by September, he told newspersons.
Highlighting the bank’s first quarter performance, Sharma said total business increased 21 per cent to ₹38,802 crore (₹32,181 crore). Total deposits stood at ₹22,239 crore (₹18,758 crore).
The net non-performing assets (NPAs) as on June 30, 2015, stood at 1.72 per cent as against 3.19 per cent in the same quarter last year, he said.
“We have improved our performance across all sectors since June 2014. We hope to continue this momentum going forward this year,” he said.
The bank has nearly 2.7 million customers and 400 branches in 16 States and one Union Territory. The Reserve Bank of India has given its approval to the bank to add another 60 branches this year. Of this, 45 will be in the South, he said.
On the BSE, the bank’s share price closed at ₹94.35 on Thursday, up 0.05 per cent.
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