Lakshmi Vilas Bank FY11 net profit jumps 230pc

MUMBAI, May 19 (Business Standard): Lakshmi Vilas Bank (LVB), a fast-growing private sector bank has posted a net profit of Rs 1.01 billion for FY11, an increase of 230 per cent as compared to Rs 300.67 million for FY10. The operating profit of the bank for FY11 was Rs 2.74 billion, representing a robust growth of 65 per cent over FY10 (Rs 1.66 billion). Other income of the bank for FY11 has grown 32 per cent to Rs 1.37 billion. Total deposits rose from Rs 90.75 billion in FY11 to Rs 111.50 billion, registering y-o-y growth of 23 per cent. Gross credit expanded from Rs 63.50 billion to Rs 81.88 billion registering y-o-y growth of 29 per cent. The capital adequacy ratio stood at 13.19 per cent under Basel II (12.09 per cent under Basel I) as on March 31, 2011. The board has recommended a dividend of Rs 2.50 per share (25 per cent) for FY11 as against Rs 0.60 per share (6 per cent) per share for FY10, a growth of 317 per cent.