Mumbai: Lakshmi Vilas Bank stated that it has recorded a 20 per cent growth in net profit at Rs 15.09 crore for the first quarter.

The bank, which is eyeing a business volume of over Rs 11,000 crore in the existing fiscal, posted a net profit of Rs 12.57 crore in the first quarter a year ago.

According to the bank statement said its total income ascended 30 per cent to Rs 136.32 crore in the quarter from Rs 104.51 crore in the year-ago period.

On the other hand, interest on advances boosted 31 per cent to Rs 89.61 crore from Rs 68.32 crore, whereas the EPS stood at Rs 3.07 (not annualised).

Bank deposits increased to Rs 4,657.37 crore from Rs 4,566.75 crore, and the credit portfolio arose to Rs 3,274.05 crore from Rs 3,094.19 crore.

Its net NPA slumped to Rs 47.36 crore in the quarter from Rs 54.72 crore for the corresponding period a year ago.

In percentage terms, its gross and net NPAs were at 3.83 per cent and 1.48 per cent as against 4.03 per cent and 1.81 per cent, respectively in Q1 FY07.

At present, the bank has 236 branches together with five extension counters and plans to open 15 novel branches in the current fiscal.