Lakshmi Vilas Bank achieves Rs 7300 crore business

Chennai, Apr 19: Lakshmi Vilas Bank (LVS), the oldest private sector bank, has achieved Rs 7300 crore business during 2005-06, registering a growth of 25 per cent over the previous year.

According to the provisional unaudited figures, the bank's total business had crossed Rs 7300 crore as on March, against Rs 5800 crore made during 2004-05.

Total deposits as on March this year grew to Rs 4337 crore from Rs 3497 crore as on March 2005, registering a growth rate of 24 per cent, a bank release here said. The advances also increased to Rs 3044 crore from Rs 2450 crore, it said.

The bank had launched new technology initiatives, including implementation of core banking solutions (CBS) to transform and enhance the service and efficiency levels of the bank. It proposed to bring 80 branches under CBS.

The bank also entered into an agreement with M/s i-Flex Solutions for their state of the art banking software-Flexcube. It had also tied up with Wipro Infotech for new IT initiatives to further strengthen the bank's ability to attract new clientele and business.

UNI