The 84-year-old private-sector Lakshmi Vilas Bank (LVB) is targeting Rs. 28,000 crore in total business this fiscal from the present level of around Rs. 22,000 crore. The bank increased its profits almost three-fold last year as from Rs.30 crore in 2010, it had reached Rs. 101 crore by 2011, according to the Managing Director and Chief Executive Officer of the bank P.R. Somasundaram.
Addressing a Customers' Meet here on Tuesday, he said that despite a slowdown in growth and adverse economic situation, the bank was looking at considerable growth during the current financial year also. The LVB was among the fastest growing small banks in the country.
“Small banks are not deficient compared to big banks and offer service on a par. The LVB was the tenth bank in India to offer money transfer through mobile phones. The bank will offer the best technological products to customers,” he added.
The bank was also conscious of its social commitments and was offering financial services in 50 branches under the Financial Inclusion projects.
Mr. Somasundaram also added that while the bank had only two branches in the city, the economic activity in the region demanded more branches.
The bank would focus on servicing small and medium enterprises. He also had an interactive session with the customers.
B. Ranjan Babu, Deputy General Manager, said that the bank had a presence in 16 States and had entered into tie-ups with Life Insurance Corporation of India and other private financial firms to sell their products in LVB's branches.
