LKB 2003-04 profit at Rs 26.35 crore

BS 200 SCORECARD

The Kerala-based Lord Krishna Bank (LKB) today said it had made a profit of Rs 26.35 crore in the fiscal ending March this year. The bank had been performing 'exceedingly well' in all areas of operations for the past several years, LKB managing director and CEO R M Nayak, said in a statement here, dismissing press reports which had adversely commented about its performance.

LKB now has a network of 110 branches in 11 states and one union territory. He said the bank was looking to raise capital and had asked DSP Merill Lynch to scout for a strategic partner for the bank.

This was to meet eventual capital adequacy norms as per Basel II requirements and to bolster the bank's net worth in line with RBI guidelines and to expand the bank's business.

Nayak also refuted reports that some loans given by the bank had turned NPA. On reports about the bank's involvement in the 'hawala' scam, he said LKB had carried out detailed investigations of its own and had also furnished all records from time to time to various investigation agencies. Action had already been taken for the lapses and negligence of the officers concerned, he added.