LVB net profit increases to 29 pc in second quarter

Chennai, Oct 30 (UNI) Lakshmi Vilas Bank (LVB), a technology- driven private sector bank, has recorded 29 per cent jump in net profit in the second quarter of 2008-09 as compared to the corresponding quarter of last year.

The total business of the bank has improved to Rs 10,371 crore as against Rs 9,550 crore in March 2008 and Rs 8,476 crore in September 2007, registering a growth of 23 per cent, a bank release said here today.

The total deposits have increased to Rs 6,005 crore from Rs 5,619 crore in March 2008 and Rs 5,009 crore in September 2007, with a growth rate of 20 per cent. Gross Advances stood at Rs 4,367 crore recording a growth of 26 per cent over corresponding period of 2007-08, it said.

The Interest has grown to Rs 290 crore, while the total income stood at Rs 327 crore as against Rs 238 crore and Rs 270 crore respectively, relating to corresponding period of 2007-08.

The Net Profit stood at Rs 11.21 crore as against Rs 20.46 crore for the corresponding period of 2007-08. This is principally due to depreciation on investments and higher capital expenditure on Information Technology, the release added.

UNI WS KVV 1835