The Hindu Business Line : LVB unveils loan, deposit products

Lakshmi Vilas Bank has gone in for an image makeover. The Karur-headquartered bank has, in its 79th year of existence, embraced a new logo for a new identity and to commemorate its entry into the 80th year, the bank has rolled out the `Lakshmi Tax Saver Deposit' and `Lakshmi Property Power' products.

Announcing the launch of the products, Mr R.M. Nayak, Chairman and CEO, said that the deposit scheme would be eligible for deduction from income under Sec 80 C of the Income Tax Act up to a maximum of Rs 1 lakh.

The loan product would have a maximum tenure of six years. The minimum amount that can be availed is Rs 1 lakh and the maximum, Rs 1 crore.

Earlier, presiding over the 79th AGM, Mr Nayak said that net profit increased to Rs 22.47 crore for the fiscal ended March 2006 from Rs 3.35 crore earlier, registering 570 per cent rise.

"This was despite a decline in income from investments due to adverse market conditions and higher establishment expenses consequent to wage revision."

The shareholders, at the meeting, endorsed the declaration of 25 per cent dividend for 2005-06.

The board had, at its earlier meeting in the first week of July, recommended the issue of bonus shares in the ratio of one share for every two shares held and rights issue of equity shares in the ratio of 1:1

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