Earnings: Lakshmi Vilas Bank Q3 PAT gains four-fold on lower provisions

Private sector lender Lakshmi Vilas Bank today reported an over four-fold jump in its standalone net profit at Rs 32.55 crore for the third quarter ended December 2014 on lower provisioning for bad loans.

FP Archives|Jan 13, 2015, 16:04:26 IST

New Delhi: Private sector lender Lakshmi Vilas Bank today reported an over four-fold jump in its standalone net profit at Rs 32.55 crore for the third quarter ended December 2014 on lower provisioning for bad loans.[caption id="attachment_2020961" align="alignleft" width="380"] Representational Image. Reuters[/caption]The net profit of the bank in the corresponding quarter of the previous fiscal stood at Rs 7.42 crore.The bank's gross and net non-performing assets (NPAs) were trimmed substantially during October-December quarter, it said in a filing to the BSE.Total income during the period rose to Rs 635.36 crore, up from Rs 552.63 crore a year ago.Bank's provisioning towards bad loans and contingencies were cut to Rs 61.24 crore from Rs 67.66 crore a year earlier.Gross NPAs were at 3.4 per cent during October-December period of 2014-15, down from 5.6 per cent a year ago. Net NPAs stood at 2.37 per cent in Q3 FY15, as against 4.33 per cent a year ago.Shares of the bank closed lower by 0.56 percent at Rs 89.35 apiece on the BSE.PTI

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