Lakshmi Vilas Bank Q1FY17 standalone net profit rises 51% yoy to Rs.606.85 crore

India Infoline News Service | Mumbai | July 20, 2016 14:28 IST

The bank’s standalone NII stood at Rs. 1,775.58 crore, up 22.26% yoy and 2.82% qoq.

Lakshmi Vilas Bank, Chennai-based private sector lender, reported standalone net profit of Rs. 606.85 crore for the quarter ended June 30, 2017, registering growth of 50.75% yoy and 23.67% qoq. It's Net Interest Income (NII) for the quarter stood at Rs. 1,775.58 crore, clocking growth of 22.26% yoy and 2.82% qoq.

Gross non-performing assets (GNPA) for the quarter stood at 2.14% down 58 bps yoy, but up 17 bps qoq. Provisions at Rs.351.56crore, lower by 39.7% yoy but higher by 29.74% qoq.

Lakshmi Vilas Bank Q1FY17: Higher NII, lower provisioning aids bottom line growth:

Private sector lender Lakshmi Vilas Bank 's first quarter (April-June) profit shot up 50.6% yoy to Rs 60.7 crore on higher net interest income and lower provisions. It's Net Interest Income (NII) for the quarter stood at Rs. 1,775.58 crore, clocking growth of 22.26% yoy and 2.82% qoq. Meanwhile, provisions for bad loans fell 39.7% year-on-year (up 29.7% qoq) to Rs 35.15 crore in June quarter. The bank recorded improved on its asset quality as gross non-performing assets (NPAs), which were brought down to 2.14% of the gross advances as on June 2016, from 2.72% a year ago. 

Stock Commentary:

Lakshmi Vilas Bank Ltd is currently trading at Rs. 117.4, up by 0.7 points or 0.6% from its previous closing of Rs. 116.7 on the BSE.

The scrip opened at Rs. 116.55 and has touched a high and low of Rs. 119.5 and Rs. 114.35 respectively. So far 2160142(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 2094.32 crore.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 118.9 on 19-Jul-2016 and a 52 week low of Rs. 63.5 on 25-Aug-2015. Last one week high and low of the scrip stood at Rs. 118.9 and Rs. 103.4 respectively.

The promoters holding in the company stood at 9.66 % while Institutions and Non-Institutions held 8.06 % and 82.28 % respectively.

The stock is currently trading below its 50 DMA.

***Note: This is a NSE Chart



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