New Delhi: Lord Krishna Bank (LKB) has posted a four-fold increase in its net profit at Rs 19.71 crore in 2001-02. It has declared a 20-per cent dividend for the year.

LKB also plans to come out with an initial public offer for over Rs 100 crore. It had improved its net profit from Rs 5 crore in 2000-01.

LKB, which has a major presence in Kerala, has posted a 22-per cent increase in its deposits at Rs 1,502.38 crore in the last fiscal, while its loan advances was up by 41 per cent to Rs 846.5 crore in 2001-02.

LKB promoter-director Ashwani K Puri says LKB, which eyes a Rs 4,000-crore business in this fiscal, will soon foray into mutual funds and depository services. We are in talks with at least two private sector mutual funds; decisions in this regard will be taken within a month or two. LKB is also on the lookout for a primary dealer; it will soon start its depository services.

With a net worth of Rs 108.47 crore, LKB has a capital adequacy ratio of 16.50 per cent, a net non-performing assets ratio of 9 per cent and plans to bring it down to 3-to-4 per cent in this fiscal through better recovery management.