Lakshmi Vilas Bank net profit for Q1Fy18 stands at 8.96%
Chennai, July 25, 2017: Lakshmi Vilas Bank (LVB), a private sector Bank in its transformational journey, has recorded the following performance during the quarater ended June 2017 (Q1FY18) despite the challenging environment.
Year – on – Year Highlights:
Total Business of the bank reached `52,711.73 crore as of 30/06/2017, showing an increase of 14.15%, Y-o-Y.
Gross Advances increased from `20,182.72 crore to `23,236.19 crore registering Y-O-Y growth of 15.13%.
Total Deposits rose from `25,995.86 crore as on 30/06/2016 to `29,475.53 crore as on 30/06/2017, registering Y-o-Y growth of 13.39%.
CASA grew from `4,180.65 crore to `5,707.69 crore, registering Y-o-Y growth of 36.53%.
CASA as a percentage to deposit improved to 19.36% from 16.08% Y-O-Y.
Operating Profit for the year went up by 58.24% (from `125.84 crore to `199.13 crore).
Net profit for the year increased by 8.95%, from `60.68 crore for Q1FY17 to `66.12 crore for Q1FY18.
Net Interest Income (NII) recorded year on year growth of `40.17 crore (22.62%) from `177.56 crore to `217.73 crore, Y-o-Y.
Net Interest Margin (NIM) of the bank stood at 2.74% as of 30th June 2017 as against 2.75% as of 30th June 2016.
Gross NPA & Net NPA of the bank stood at 3.78% and 2.84%, respectively.
Provision Coverage Ratio of the bank stood at 51.32% for Q1FY18.
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Total deposits as of 30.06.2017 stood at `29,475.53 crores, registered a growth of 13.39% over 30.06.2016. CASA deposits has grown significantly by 36.53% (`1,527.04 crore) over the previous year and stood at `5,707.69 crore. Term deposits stood at `22,515.62 crores, an increase of 8.57% over the previous year resulting in CASA proportion to total deposits of 19.36% as on 30.06.2017. Gross Advances as of 30.06.2017 stood at `23,236.19 crores, registered an increase of 15.13% over previous year.
The Bank’s total Capital Adequacy Ratio (CAR) as per Basel III guidelines, was at 11.67% as at June 30, 2017.
As on date, bank is operating with 506 branches, 7 Extension Counters, 981 ATMs in 16 states and 1 union territory, the bank 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 Board of Directors of The Lakshmi Vilas Bank Limited approved the unaudited financial results for the quarter ended June 30, 2017 at their meeting held in Chennai on Tuesday, July 25, 2017.
Managing Director & CEO