Business Daily from THE HINDU group of publications
Sunday, Aug 10, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Sunday, Aug 10, 2008 ePaper | Mobile/PDA Version | Audio |
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Money & Banking
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Private Banks Lakshmi Vilas Bank expects 50% growth in credit Our Bureau Chennai, Aug. 9 Lakshmi Vilas Bank (LVB) expects 50 per cent growth in credit, the bank’s Managing Director, Mr V.S. Reddy, told Business Line today. Mr Reddy said the bank’s advances portfolio stood at Rs 3,900 crore at the end of last year. LVB intends to grow this book to Rs 6,000 crore in the current year, he said. Asked if this rapid scale-up might not affect the quality of assets, Mr Reddy replied in the negative. corporate accountsHe said the bank would focus on corporate accounts, where the bank could lend at rates between 12 and 13 per cent and secure a reasonable margin. He said the average yield on advances is expected to grow from 11.1 per cent to 11.8 per cent this year. The bank needs capital to fund this level of growth, and hence the proposal to raise capital through the QIP route. Answering a question, Mr Reddy said the resolution for the QIP would be placed before the shareholders on August 14 and it was up to the shareholders to decide whether the QIP issue should happen or not. Mr Reddy was here on Saturday in connection with the launch of Internet banking facility for its retail customers. Besides offering the viewing facility for all retail accounts, the bank is also introducing transfer of funds within the bank through the Internet. “This transfer can be done from anywhere in the country or abroad and totally eliminates the necessity of physical presence of the customer at the branch,” Mr Reddy said. LVB opens technology centre LVB ties up with Cashtree LVB in CashTree network Lakshmi Vilas Bank to offer board seat to Federal Bank Lakshmi Vilas to focus on low-cost deposits Lakshmi Vilas hikes rates on short-term deposits Lakshmi Vilas' pan-India plans Lakshmi Vilas Bank full year profit rises 44% More Stories on : Private Banks | Credit Market
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