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Lakshmi Vilas Bank increases profit

Lakshmi Vilas Bank has registered an 81 per cent increase in operating profit for the half year ended September 30, 2003. The net profit has gone up to Rs. 17.27 crores, a growth of 50 per cent over the same period in 2002-03. Net interest margins have gone up to 2.42 per cent from 2.09 per cent. The cost of deposits has come down by 100 basis points on a year-on-year basis. The capital adequacy ratio stood at 15.91 per cent as on September against 11.35 per cent at the end of March. The bank has raised unsecured subordinated Tier II bonds to the tune of Rs. 50 crores, which was oversubscribed. Deposits have registered a growth of 13.38 per cent and touched Rs. 3,000 crore mark. Advances have risen by 16.79 per cent to Rs. 1,700 crores.

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