Private sector lender Lakshmi Vilas Bank has reported a 6.3 per cent rise in net profit at Rs 52.16 crore for the fourth quarter ended March 31.
Private sector lender Lakshmi Vilas Bank has reported a 6.3 percent rise in net profit at Rs 52.16 crore for the fourth quarter ended March 31.
Bank's net profit stood at Rs 49.07 crore during the January-March period of 2015-16.
Total income of the bank increased to Rs 864.99 crore for the quarter, up 14 percent from Rs 758.84 crore in preceding fiscal 2015-16, the bank said in a regulatory filing.
On asset front, Lakshmi Vilas Bank's gross non-performing assets (NPAs) or bad loans rose to 2.67 percent of the gross loans as on March 31, 2017 from 1.97 percent on March 31, 2016 (rpt) 2016.
Net NPAs were 1.76 percent of net advances compared to 1.18 per cent.
Thus, provisions to cover bad loans and contingencies were raised to Rs 108.19 crore for the quarter, as against Rs 27.09 crore a year ago.
Gross bad loans increased to Rs 640.19 crore by the end of fiscal 2016-17, compared to Rs 391.25 on March 31, 2016.
Net NPAs were Rs 418.42 crore, up from Rs 231.64 crore, showed the bank balance sheet.
For full fiscal 2016-17, bank's net profit was up by 42.1 percent to Rs 256.07 crore from Rs 180.24 crore year ago.
Full year income stood at Rs 3,349.42 crore, an increase of 16.6 percent from Rs 2,872.83 crore.
The board of directors of the bank at a meeting held today also recommended dividend of Rs 2.70 percent (27 percent) for 2016-17.Lakshmi Vilas Bank stock closed 0.91 percent down at Rs 196.10 on BSE.