 "Lakshmi Vilas Bank eyes Rs 38k cr business by March")
Chennai-headquartered private sector lender Lakshmi Vilas Bank is eyeing total business of Rs 38,000 crore by the end of 2014-15, 18.75 per cent higher than Rs 32,000 crore achieved in 2013-14.
"The bank is targeting a credit growth of 20 per cent over last fiscal. We want to scale up our credit flow from Rs 13,200 crore (in 2013-14) to Rs 16,000 crore by the end of March this year. Forty per cent of our loan exposure is on big ticket corporates. Our bank has also exposure to SMEs (small & medium enterprises) and retail", said A J Vidyasagar, chief operating officer, Lakshmi Vilas Bank.
The private bank is also stressing on reduction of NPAs (non-performing assets). Its gross NPA has fallen from Rs 722.21 crore (as on December 31, 2014) to Rs 491 crore by the end of December 2014. In doing so, the bank's share of gross NPAs to its total advances has come down from 5.6 per cent to 3.4 per cent. Share of net NPAs to total advances has also declined to 2.37 per cent (as on December 31, 2014) compared to 4.33 per cent in the year-ago period.
The bank currently has a network of 400 branches and 790 ATMs across the country. The bank has presence in 16 states and the Union territory of Puducherry.
Commenting on the growth plans for Odisha, he said, "Odisha has emerged as the hottest investment destination for new projects across the country. Expanding the bank's network will further allow us to participate in the growing economy of Odisha. The bank will reach out to new customers with its new customer friendly products such as Lakshmi Commodity Power in tie up with National Collateral Management Services (NCML) for farmers and traders."
Lakshmi Vilas Bank has two branches in the state presently in Bhubanewar and Cuttack. It plans to have 3-4 more branches by the end of 2015-16.
"The bank is targeting a credit growth of 20 per cent over last fiscal. We want to scale up our credit flow from Rs 13,200 crore (in 2013-14) to Rs 16,000 crore by the end of March this year. Forty per cent of our loan exposure is on big ticket corporates. Our bank has also exposure to SMEs (small & medium enterprises) and retail", said A J Vidyasagar, chief operating officer, Lakshmi Vilas Bank.
The private bank is also stressing on reduction of NPAs (non-performing assets). Its gross NPA has fallen from Rs 722.21 crore (as on December 31, 2014) to Rs 491 crore by the end of December 2014. In doing so, the bank's share of gross NPAs to its total advances has come down from 5.6 per cent to 3.4 per cent. Share of net NPAs to total advances has also declined to 2.37 per cent (as on December 31, 2014) compared to 4.33 per cent in the year-ago period.
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Aiming to take the bank on the growth trajectory, Vidyasagar said, 100 more branches would be opened by the end of 2015-16, subject to regulatory approvals. If needed, capital will be raised to fund the retail expansion, he said. Last year, Laxmi Vilas Bank mopped up Rs 400 crore via rights issue.
The bank currently has a network of 400 branches and 790 ATMs across the country. The bank has presence in 16 states and the Union territory of Puducherry.
Commenting on the growth plans for Odisha, he said, "Odisha has emerged as the hottest investment destination for new projects across the country. Expanding the bank's network will further allow us to participate in the growing economy of Odisha. The bank will reach out to new customers with its new customer friendly products such as Lakshmi Commodity Power in tie up with National Collateral Management Services (NCML) for farmers and traders."
Lakshmi Vilas Bank has two branches in the state presently in Bhubanewar and Cuttack. It plans to have 3-4 more branches by the end of 2015-16.