Lakshmi Vilas Bank eyes 28% biz growth in 2008

Tamil Nadu-based Lakshmi Vilas Bank (LVB) is looking at a 28 per cent growth in business volume in 2007-08 at Rs 11,200 crore, bank’s General Manager R Sridharan told reporters.

The net profit of the bank for the first quarter ended June 2007, stood at Rs 15.09 crore, a growth of over 20 per cent against Rs 12.57 crore posted in the corresponding quarter a year ago. With 236 branches spread across the country deposits of the bank rose to Rs 4,657.37 crore as on June 2007, while the credit portfolio expanded to Rs 3,274 crore, said Sridharan at the launch of the bank’s 100th branch which would provide core banking solutions.

Lakshmi Vilas Bank, which has 17 branches in Karnataka, plans to extend core-banking solutions to 200 branches before March 31, 2008, covering 90 per cent of bank’s business. It also plans to open 15 new branches across the country during the current year.