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Private sector Lakshmi Vilas Bank (LVB) on Monday reported an over 200 per cent jump in its net profit to Rs 25.69 crore for the third quarter ended December 31, 2010.
The net profit of the bank for the third quarter ended December 31, 2009, stood at Rs 6.77 crore, LVB said in a statement. “This is the third successive quarter of growth, reflecting qualitatively improving fundamentals,” it said.
The operating profit of the bank for the third quarter ending December 31, 2010 was Rs 58.48 crore, representing a growth of 49.68 per cent over the same period of the previous year. LVB reported Rs 39.07 crore operating profit for the third quarter ending December 31, 2009, it said.
The total income of the bank for the nine months ending December 31, 2010 also grew to Rs 743.87 crore from Rs 858.52 crore registered during the same period of the previous year, it added.
The bank said its total business improved to Rs 16,859 crore from Rs 14,960 crore year-on-year basis. The total deposits of the bank rose from Rs 8,772 crore to Rs 9,954 crore registering a year-on-year growth of 14 per cent, it said. LVB currently has 274 branches and 197 ATMs across the country, the statement added.
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