FINANCIAL RESULTS FOR THE YEAR ENDED 31ST MARCH 2017
26th April 2017, Chennai: Lakshmi Vilas Bank (LVB), a private sector Bank in its transformational journey, has recorded the following performance during the financial year 2016-17 (FY17) despite the challenging environment.
Year – on – Year Highlights:
± Net profit for the year increased by 42.08%, from `180.24 Crs for FY16 to `256.07 Crs for FY17.
± Operating Profit for the year up by 55.74% (from `407.12 Crs to `634.06 Crs).
± Net Interest Income (NII) recorded year on year growth of `137.35 Crs (21.28%) from `645.31 Crs to `782.65 Crs, Y-o-Y.
± Net Interest Margin (NIM) of the bank stood at 2.85% as of 31st March 2017 whereas it was 2.78% as of 31st March 2016.
± Gross NPA & Net NPA of the bank stood at 2.67% and 1.76%, respectively.
± Total Deposits rose from `25430.96 Crs in FY16 to `30553.35 Crs, registering Y-o-Y growth of 20.14%.
± CASA grown from `4415.51 Crs to `5838.98 Crs, registering Y-o-Y growth of 32.24%.
± Gross Advances increased from `19818.93 Crs to `23958.46 Crs registering Y-O-Y growth of 20.89%.
± Total Business of the bank reached `54511.81 Crs as of 31st March 2017, showing an increase of 20.47%, Y-o-Y.
± Provision Coverage Ratio of the bank stood at 59.51% for FY17 whereas it was 68.55% during previous year.
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Total deposits as of 31.03.2017 stood at `30553.35 crores, registered a growth of 20.14% over 31.03.2016. CASA deposits has grown significantly by 32.24% (`1423.47 Crs) over the previous year and stood at `5838.98 Crs. Term deposits stood at `22567.18 crores, an increase of 13.69% over the previous year resulting in CASA proportion to total deposits of 19.11% as on 31.03.2017. Gross Advances as of 31.03.2017 stood at `23958.46 crores, registered an increase of 20.89% over previous year.
The Bank’s total Capital Adequacy Ratio (CAR) as per Basel III guidelines, was at 10.38% as at March 31, 2017.
The Board of Directors recommended a dividend of 27%, subject to approval, for the year ended March 31, 2017.
As on date, bank is operating with 500 branches, 7 Extension Counters, 968 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.
The Board of Directors of The Lakshmi Vilas Bank Limited approved the financial results for the quarter ended March 31, 2017 and the audited results for the year ended March 31, 2017 at their meeting held in Chennai on Wednesday, April 26, 2017.