The Hindu Business Line : Lord Krishna Bank's net up 14 per cent

Total deposits with the bank has grown by 39 per cent to Rs 2,311 crore (Rs 1,663 crore), while the advances portfolio has grown by 22 per cent to Rs 1,146 crore (Rs 941 crore). Addressing a press conference in Kochi, Mr R.M. Nayak, Managing Director and CEO, said that these had enabled the bank to register a 33 per cent growth in business volumes during the year.

The net worth of the bank has also grown to Rs 137.33 crore, up from Rs 119.28 crore of the previous year. The capital adequacy level of the bank grew to 16.54 per cent from 12.82 per cent, much above the RBI-stipulated nine per cent, Mr Nayak said.

Despite the declining interest rate scenario, net interest income as a percentage of working funds has increased from 1.61 per cent to 1.71 per cent. Total operating income has shown a growth of 5.2 per cent to Rs 11.60 crore.

Mr Nayak said that it is noteworthy that the bank has been able to register the growth in net profit despite increasing expenses going into branch expansion and upgradation of technology.

In order to ensure seamless service to NRI customers, the bank has tied up with Western Union for quick money transfer for NRIs. It has also entered into rupee drawing arrangements with various exchange houses in Dubai and Abu Dhabi.

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