| R M Nayak, managing director and chief executive officer of the bank, said DSP Merill Lynch has been given the mandate to scout for strategic investment partner in the bank. |
| The issue will enable the bank boost its authorised capital to Rs 300 crore as against Rs 140 crore. |
| In addition to this the bank will also adhere to the draft guidelines issued by the Reserve Bank of India on private ownership, said Nayak. |
| The major shareholders in the bank are Mohan Puri director LKB holds around 65 per cent and Dabur Group holds around 6 per cent. |
| Speaking on banks expansion plans Nayak said the bank plans to open 114 branches by the end of the current fiscal. |
| The bank has tied up with Visa to offer Visa Electron International debit card facility to its customers. It plans to roll out its credit card business and mobile banking in the current fiscal. |
| The bank aims at reducing its non performing assets (NPA's) to below 3 per cent from 6.05 per cent in the current fiscal. We expect the banks business to cross Rs 5,000 crore by the end of March 2005 from Rs 3457 crore as on March 31, 2004, said Nayak. |
| LKB's net profit in the fiscal ended March 31, 2004, increased by 14.32 per cent to Rs 26.35 crore against Rs 23.05 crore. Total deposits of the bank registered an impressive growth of 39 per cent to Rs 2,311 crore from Rs 1,663 crore. |
| Advances grew to Rs 1,118 crore, up 22 per cent from Rs 915 crore. Its capital adequacy ratio as on March 31, 2004, stood at 16.68 per cent. |
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