Lakshmi Vilas Bank’s Q1 net profit rises marginally

Lakshmi Vilas Bank has reported unaudited results for the first quarter ended June 30, 2011.

The company’s net profit for the quarter ended June 30, 2011 has increased marginally by 5.09% at Rs 24.58 crore as compared to Rs 23.39 crore for the corresponding quarter last year. Its net sales grew by 34.53% at Rs 369.94 crore for the quarter under review from Rs 274.99 crore for the same quarter last year.

Lakshmi Vilas Bank (LVB) was established to meet the emerging challenges in the competitive business world, the bank started expanding its boundaries beyond Tamil Nadu from 1974 by opening branches in the neighboring states of Andhra Pradesh, Karnataka, Kerala, Maharashtra, Madhya Pradesh, Gujarat, West Bengal, Uttar Pradesh, Delhi and Pondicherry.