Lakshmi Vilas Bank net profit up by 70% to Rs 51 crore for nine months ending Dec. 31, 2009

Mumbai, 01 February, 2010:

Lakshmi Vilas Bank (LVB), the leading, fast-growing private sector Bank has recorded a sound business performance during Q3 of 2009-10. The net profit of the Bank for the 9 months ended December 31, 2009 stood at Rs. 51.44 crore, registering a growth of 69.71%, against Rs. 30.31 crore in the corresponding period of the previous year.

Total income of the bank for the third quarter ended Dec 31, 2009 has grown 22.55% to Rs. 259.56 crore from Rs. 211.80 crore in the corresponding Q3 of previous year.

The interest on advances and investments for the third quarter ended Dec. 2009 has grown from Rs. 171.43 crore to Rs. 235.22 crore, registering a year-on-year growth of 37.21%.

Total deposits level rose from Rs 6402 crore to Rs 8772 crore, up by 37.02%.

CASA (current account to savings account) deposits have increased from Rs. 978.73 crore to Rs. 1262.31 crore, registering a growth of 28.97%.

Credit portfolio expanded from Rs. 4712 crore to Rs. 6188 crore, a 31.32% growth.

Total business improved to Rs. 14,960 crore from Rs 11,114 crore, a growth of 34.61%.

Bank’s gross and net NPA (non-performing assets) were 5.69% and 4.17% respectively as against 3.18% and 1.47% in the previous year’s Q3.

The capital adequacy ratio (CAR) stood at 15.98% as per Basel-II norms as against RBI’s requirement of 9%.

The Bank has a national presence serving satisfied customers through its 271 branches, spread across 14 states and 1 union territory. It has a network of 152 ATMs. Bank has plans to open many off-site ATMs and POS across India during the current year by introducing VISA-enabled International Debit Cards. LVB has expanded its operations by opening 20 new branches and by recruiting 346 employees.

(This is a press release from Lakshmi Vilas Bank)