The private sector lender, Lakshmi Villas Bank recorded increase in net profit by 10. 4 per cent to Rs 31.31 crore for the third quarter of the current financial year which ended on 31st December, 2012.

The bank posted profit of Rs 28.35 crore in the corresponding period of the previous fiscal.

The income grew to Rs 498.54 crore as against Rs 429.49 crore during the corresponding period of last year. Total expenditure stood at Rs 427.90 crore against Rs 381.38 crore in year-ago period.

LVB's total business grew 14 per cent to Rs 25,830 crore as against Rs 22,625 crore. Deposits grew by 11.2 per cent and the gross credit grew by 18 per cent.

Gross NPAs (non-performing assets) almost doubled to 4.41 per cent as compared to 2.42 per cent during the corresponding quarter of the previous fiscal.

And net NPAs from 1.23 per cent as at end-December 2011 to 2.97 per cent during the corresponding quarter of 2012.