Lakshmi Vilas Bank net profit records 570 per cent growth

Mumbai, Aug 17 (UNI) The net profit of the Lakshmi Vilas Bank increased to Rs 22.47 crore from Rs 3.35 crore in the last fiscal recording 570 per cent growth, despite decline in income due to adverse market conditions and higher establishment expenses.

CMD of the bank R M Nayak revealed it during the 79th annual general body meeting (AGM) of the bank held on August 14, said a bank release. The shareholders of the bank have approved the declaration of 25 per cent (Rs 2.50 per share) as dividend for the last fiscal.

Deposit of the bank grew by 24.04 per cent from Rs 3,495.92 crore in 2004-05 to Rs 4,336.38 crore. The credit expanded by 27.40 per cent from Rs 2,317.71 crore to Rs 2,952.82 crore. The total business of the bank crossed a landmark figure of Rs 7,200 crore. The gross NPA was brought down to 4.14 per cent from 7.88 per cent and net NPA was reduced to 1.89 per cent from 4.99 per cent.

The bank has proposed to open 20 more branches during the current fiscal out of which five branches have already been opened.

In commemoration of the bank entering its 80th year shortly, the bank CMD announced launching of a deposit product and a loan product to cater to the financial needs of the people at large, the release added.

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