Lakshmi Vilas Bank posts Q3 profit up 70.1 pct

| Updated: Aug 23, 2017 11:20 IST

New Delhi [India], Jan 19 (ANI) Private sector Lakshmi Vilas Bank on Thursday recorded a 70.1 percent rise in its Profits After Tax for the third quarter ending December 31, 2016 to Rs 78.38 crore. In a BSE notification, the banks noted its nine month period ending December 31, 2016, PAT surged 55.4 per cent to Rs 203.91 crore from Rs 131.16 crore registered during the year ago period, the bank said in a BSE notification. It also recorded the net profit for nine months ending Dec'16 up by 55.46 percent YoY. The operating profit of the bank for the nine months ended Dec'16 up by 48.46 percent, YoY. The board of directors of Lakshmi Vilas Bank Ltd. announced approval and adoption of its Unaudited Financial Results for the third quarter, ended December 31, 2016. Total interest income stood at `2113.10 crore for the nine months ended Dec'16, posting a growth of 11.10 percent, YoY. Other Income of the bank for the period ended Dec'16 grew by 75.14 percent, YoY and stood at `371.33 crore compared to `212.02 crore during the same period of previous year. Total Income of the bank for nine months ended Dec 2016 has registered a growth of 17.52 percent, stood at `2484.43 crore compared to `2113.99 crore during the same period of last year. Net Interest Income recorded a YoY growth of `82.24 crore (17.40 percent) from `472.61 crore to `554.84 crore YoY. NIM of the bank stood at 2.77 percent for the nine months ended Dec 2016 and 2.72 percent for the 3rd quarter ended Dec 2016. ROA and ROE stood at 0.90 percent and 16.05 percent, respectively. (0.69 percent and 11.34 percent respectively for the same period of previous year) Till date, the bank is operating with 467 branches, seven extension counters, 927 ATMs in 16 states and one union territory. It offers various bouquets of products and services. The bank is committed to build a sustainable business over the long term and upholding high standards of customer service - Life smiles where lvb serves. The unaudited results have been subjected to limited review by the statutory auditors as per clause 41 of the Listing Agreement with the stock exchanges and the same was taken on record by the Board in its meeting held today.(ANI)