Laxmi Vilas Bank reports 200 per cent jump in NP in Q3

Chennai, Feb 14 (PTI) Private sector Lakshmi Vilas Bank(LVB) today reported an over 200 per cent jump on its netprofits for the third quarter ending December 31, 2010.

The net profit of the bank for the third quarter endingDecember 31, 2010 grew to Rs 25.69 crore from Rs 6.77 croreregistered during the same period of the previous year, LVBsaid in a statement.

"This is the third successive quarter of growth,reflecting qualitatively improving fundamentals", it said.

The operating profit of the bank for the third quarterending December 31, 2010 was Rs 58.48 crore, representing agrowth of 49.68 per cent over the same period of the previousyear.

LVB reported Rs 39.07 crore for the third quarter endingDecember 31, 2009, it said.

The total income of the bank for the nine month endingDecember 31, 2010 also grew to Rs 743.87 crore from Rs 858.52crore registered during the same period of the previous year,it added.

The bank said its total business improved to Rs 16,859crore from Rs 14,960 crore year-on-year basis.

The total deposits of the bank rose from Rs 8,772 croreto Rs 9,954 crore registering an year-on-year growth of 14 percent, it said.

LVB currently has 274 branches and 197 ATMs across thecountry, the statement added.