Chennai: The board of directors of the Lakshmi Vilas Bank have approved the financial results for the quarter at their meeting held in Chennai and announced that the bank’s business by Rs 2,775 crore to Rs 55,162 crore, a growth of 5.3 per cent.

CASA portfolio grew by Rs 772 crore to Rs 6,890 crore from Rs 6,118 crore the previous year. CASA stood at 22.18 per cent as on 30 September as against 20.97 per cent the same period the year before.

Gross Advances increased from Rs 23,216 crore to Rs 24,092 crore, registering a Y-o-Y growth of 3.77 per cent, while total deposits rose from Rs 29,171 crore to Rs 31,071 crore, a growth of 6.51 per cent.

The bank stated that it has managed to reduce its bulk deposits by Rs 1,800 crore, resulting in reduction in interest paid on deposits by Rs 22 crore. This has resulted in Net Interest Income (NII) improving to Rs 150.95 crore in Q2 FY 19 as compared to Rs 130.20 crore in Q1 FY 19 (sequentially).

Net Interest Margin (NIM) of the bank stood at 1.74 per cent for the quarter as against 1.48 per cent. The operating profit of the bank stood at Rs 27.57 crore for the quarter, as against Rs 6.76 crore.

The Gross NPA stood 12.31 per cent, up from 5.5 per cent. Sequentially, it has gone up from 10.73 per cent. Net NPA stood at 6.88 per cent, up from 4.33 per cent in the corresponding period of the previous year.

The bank has stated that it has reduced the exposure in Infra / NBFC I real estate sectors by 1,800 crores, a reduction of almost 35 per cent.

As on 30 September, the bank had 568 branches, five extension counters, 1,040 ATMs in 18 States and in one union territory.