LVB 82nd Annual General Meeting.
Lakshmi Vilas Bank, a leading private sector bank, 82nd Annual General Meeting was held on 28th August 2009 at registered office Karur. The banks net profit is doubled during 2008-09 to Rs.50.30 Crores compared to Rs.25.27 Crs of previous year.
Tweet-- Lakshmi Vilas Bank, a leading private sector bank, 82nd Annual General Meeting was held on 28th August 2009 at registered office Karur. Many share holders, Institutional Representatives were attended the meeting. The banks net profit is doubled during 2008-09 to Rs.50.30 Crores compared to Rs.25.27 Crs of previous year. The Board of Directors has recommended for a tax-free dividend of 25% to the shareholders.
Dr.S.Narayan, Chairman of the Bank, delivered his speech about the trends and prospects of the banking industry and in particular about Lakshmi Vilas Bank Ltd.The Global Economic Environment continues to remain uncertain although the rate of contraction in economic activities and the extent of pressures on financial systems eased in the first quarter of 2009 – 2010.Though India was not as seriously affected as some of the developed countries, yet there has been some impact on growth. Indian economy in the year 2008 – 09 has recorded as 6.7 percent growth.
The Indian financial markets have rebounded from their last year lows and continue to function efficiently and exhibit stability with lower volatility. Higher volumes in transaction were recorded in the first quarter of 2009 –2010.The growth outlook for 2009 – 10 is well supported by the high domestic saving rate, sound financial system and supportive macro economic policy environment.
Performance of LVB during 2008 – 2009.
LVB has registered considerable improvements in all vital parameters during the financial year 2008 –09.Bank’s total business mix stood at Rs.12, 606.73 at the end of March 2009 compared to previous year the growth raises to 33%.
Deposits have increased to Rs.7, 360.90 crores at the end of March 09 from Rs.5, 618 crores registering a growth of 31% over the Previous year. Advances have touched Rs.5, 245.83 crore at the end of the year as compared to Rs.3, 858.79 crores of Previous year. This shows a growth of 36%. Total Investment of LVB grew to Rs.1863.06 crores. The net profit of LVB will be Rs.50.30 crores.
The Bank has installed 120 ATMs both off site and on site and plans to take the number to 150 by March 2010. We have become a part of the National Net Work of ATMs and consequently customers of your bank can now access more than 50,000 ATMs situated in every nook and corner of the country. LVB is one of the first banks in the country to implement the “UNIFIED COMMUNICATION” system enabling any staff member to converse with any other through Voice, Chat and mail modes.