Lakshmi Vilas Bank (LVB) has posted a marginal rise in its net profit for the first quarter ended June 2012 at R25.23 crore as compared to R24.58 crore it logged in the same quarter of the previous financial year. The total income of the bank stood at R461.25 crore, up from R369.94 crore, registering a growth of 25%. The total interest income grew by 25%, to R419.06 crore as against R335.77 crore. The other income has also shown a growth of 24%, at R42.19 crore, up from R34.17 crore, said a statement from the bank. The bank?s deposits stood at R14,136 crore as compared to R11,844 crore, reflecting a 19% growth. The gross advances grew 25.61% to R10,504 crore as against R8362 crore, while total business has grown to R24,640 crore from R20,206 crore. logging an increase of 22 %.
?Slippages, sans any concentration, have impacted NPAs, gross and net NPA as on 30th June 2012 at 3.58 % and 2.21% respectively against 2.98% and 1.74% respectively as at 31st March 2012. The bank is confident that these slippages are short term and will be addressed within FY 13.?, the statement said.
