Lakshmi Vilas Bank Q2 results Press Meet VideoLink’s Images & News
Lakshmi Vilas Bank Q2 results Press Meet News.
FINANCIAL RESULTS FOR THE HALF YEAR ENDED 30th SEPTEMBER 2017
11th October, 2017, Chennai: Lakshmi Vilas Bank (LVB), a private sector Bank in its transformational journey, has reported its second quarter results today. The prevailing difficult environment has had its impact on the numbers as indicated below.
± Total Business of the bank reached `52,386.99 crore as of 30/09/2017, showing an increase of 11.62%, Y-o-Y.
± Gross Advances increased from `20,253.32 crore to `23,215.88 crore registering Y-O-Y growth of 14.63%.
± Total Deposits rose from `26,680.14 crore as on 30/09/2016 to `29,171.11 crore as on 30/09/2017, registering Y-o-Y growth of 9.34%.
± CASA grew from `4,619.09 crore to `6,117.95 crore, registering Y-o-Y growth of 32.45%.
± CASA as a percentage to deposit improved to 20.97% from 17.31% Y-O-Y.
± Operating Profit for the six months period went up by 33.16% (from `284.26 crore to `378.51 crore).
± Net Interest Income (NII) for the six months period recorded a growth of `86.24 crore (23.68%) from `364.23 crore to `450.47 crore, Y-o-Y.
± Net Interest Margin (NIM) of the bank stood at 2.83% as of 30th September 2017 as against 2.78% as of 30th September 2016.
± Cost to Income ratio has improved at 48.27% (H1FY17-51.44%)
Total deposits as of 30.09.2017 stood at `29171.11 crores, registered a growth of 9.34% over 30.09.2016. CASA deposits have grown significantly by 32.45% (`1,498.86 crore) over the previous period and stood at `6,117.95 crore. Term deposits stood at `21,999.46 crores, while CASA proportion to total deposits improved to 20.97% as on 30.09.2017. Gross Advances as of 30.09.2017 stood at `23,215.88 crores, registered an increase of 14.63% over previous period.
At the end of Q1FY18, Bank had identified a “watch list” of accounts amounting to Rs 2200/2300 crores. The slippages during the quarter were almost entirely from the ‘watch list’ accounts and the same is also reflected in the provisions. Consesquent upon the slippages during the quarter, the ‘watch list’ now stands at around Rs.1700 crore.
The Bank’s total Capital Adequacy Ratio (CAR) as per Basel III guidelines, was at 10.57% as at September 30, 2017 as against 10.10% as at September 30, 2016.
As on 30.09.2017, bank has 511 branches, 7 Extension Counters, 983 ATMs in 16 states and 1 union territory, the bank offers various bouquets of products and services. The bank is committed to build a sustainable business over the long term and upholding high standards of customer service – Life Smiles Where Lvb Serves.
As a part of its continuing focus on strengthening systems and processes, the Bank has opened a Commercial Banking Branch, to serve corporate and MSME clients, end-to-end. Similarly, with a view to improve its client coverage at the retail end, the Bank has opened two Personal Banking Branches at Chennai and Bengaluru. The Bank has also set up two Retail Assets Centres at Chennai and Bengaluru, to process consumer lending transactions.
The Board of Directors of The Lakshmi Vilas Bank Limited approved the unaudited financial results for the quarter ended September 30, 2017 at their meeting held in Chennai on 11th October, 2017.
Lakshmi Vilas Bank Q2 results Press Meet Images.
About Lakshmi Vilas Bank:
Lakshmi Vilas Bank was founded in 1926 and it has a national presence serving over 2 million customer accounts through its 509 branches, with PAN India presence, supervised by 11 Regional Offices, 7 Extension Counters and 981 ATMs in 16 States and Union Territory of Pondicherry. The Bank is active across the entire spectrum of customer segments – retail, mid-market and corporate. Through its branches, the Bank also offers a host of para-banking products in association with Life, General and Health Insurance companies, mutual funds, stock broking houses, money remittance companies, etc. on a technologically advanced platform.
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