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Our Bureau

Coimbatore, June 21

The board of directors of Karur headquartered Lakshmi Vilas Bank has recommended a dividend of 7 per cent for the 2006-07 fiscal against 25 per cent the earlier year. Bank sources attribute it to higher provisioning and additional dividend outgo consequent to the rights and bonus shares issued last year.

The audited results show a 19.05 per cent growth in business volume to Rs 8,750 crore (Rs 7,350 crore) and higher total income of Rs 474.99 crore (Rs 357 crore). While the operating profit soared by 84 per cent to Rs 73.58 crore (Rs 39.91 crore), its net slipped to Rs 17.58 crore (Rs 22.47 crore). Its total income increased to Rs 474.99 crore (Rs 357 crore). Interest on advances grew by 44 per cent to Rs 312.12 crore (Rs 216.67 crore). The bank managed to reduce its net NPA from 1.89 per cent to 1.58 per cent. The bank has set for itself a business target of Rs 11,200 crore this fiscal.

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