Credit rating agency, Credit Analysis and Research (CARE) has revised the rating for Lakshmi Vilas Bank’s Tier II Capital of Rs 30 crore (Series V) and Rs 250 crore (Series VII) from ‘A-’ to ‘BBB+’.
The bank has reported 38.43% fall in its net profit at Rs 17.93 crore for second ended September 30, 2012 as compared to Rs 29.12 crore for the same quarter in the previous year. However, total income of the bank has increased by 15.92% at Rs 477.01 crore for quarter under review as compared to Rs 411.49 crore for the quarter ended September 30, 2011.
Gross non-performing assets (NPAs) too rose to 4.50% in the quarter under review as against 2.24% in the same quarter previous year while net NPAs rose to 2.95% from 1.09%.
