Lakshmi Vilas Bank

The stock price had yesterday hit a new high of Rs.119.50 even before the Q1FY17 numbers came out – such was the optimism. And the Bank did not let down. It posted a very good 51% (YoY) jump in net profit at Rs.61 crore and this was thanks to the 22% rise in Net Interest Income (NII) at Rs.177 crore and provisions going down 40% to Rs.35 crore. Though, sequentially, provisioning has risen 30%. Other income too rose 13% at Rs.89 crore.

On the other hand, asset quality weakened a bit and this led to the stock ending the day in the red. Gross NPA rose from 1.97% to 2.14% (QoQ) while Net NPA rose to 1.30% from 1.18%.  Total deposits grew 17% (YoY) while advances grew 21%. Total business of the Bank showed a 19% jump. The Bank currently has 460 branches.