Fitch affirms Lakshmi Vilas Bank

Fitch Ratings said it affirmed Lakshmi Vilas Bank's national long-term rating at BBB+(ind), national short-term rating at F2+(ind) and its Rs. 1.3 billion lower tier 2 debt program at BBB+(ind)

The outlook remains stable.

The ratings reflect the bank's still weak asset quality ratios, small and regional franchise and weak profitability, Fitch said.

While the bank's non-performing loan ratios improved in the first half of 2011, challenges persist given its growth plans in relatively new markets, the agency said.

The bank's asset quality deteriorated significantly in 2010 as the bank witnessed heightened delinquencies in multiple segments, Fitch added/

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