Money & Banking

LVB aims at 15% growth rate this year

PTI Tiruchi | Updated on November 17, 2017

Lakshmi Vilas Bank (LVB) is eyeing a 15 per cent growth rate this year and has plans to open six ‘signature’ branches for corporate customers.

“Last year, we did business of around Rs 15,000 crore. We are targeting a growth rate of 15 per cent this year. In the first nine months of this (fiscal) year, we have already done a business of Rs 16,900 crore,” the bank CEO & MD, Mr P.R. Somasundaram, said.

The bank, headquartered at Karur district in Tamil Nadu, is keen on reducing NPAs (non-performing assets) from gross NPA of 4.05 per cent at the beginning of the year. This year, it has come down to two per cent and efforts are on to further reduce it to 1.5 per cent and net NPA to less than one per cent by this year-end, he said.

On expansion plans, he said the bank currently has 274 branches and would approach the Reserve Bank of India for licence to open branches in 30 locations during the next fiscal. “We have 197 ATMs and will open at least 50 more ATMs to increase the total number to 250.’’

At the beginning of the year, LVB’s net worth was Rs 745 crore, he said, adding that the bank expects to end this financial year with a net worth of close to Rs 1,000 crore.

The bank will open six signature branches in Chennai, Bangalore, Hyderabad, Coimbatore, Mumbai and Delhi to offer services to corporate customers.

Published on February 15, 2011

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