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Lord Krishna Bank targets Rs5,000-crore business
Our Banking Bureau
5 August 2004

Kochi: The Lord Krishna Bank (LKB), one of the leading Kerala-based private sector banks, is aiming for over Rs5,000-crore business this year, according to RM Nayak, managing director. He said it was targeting to halve its non-performing assets (NPAs) to below three per cent by March end.

The bank aims a 44.63 per cent growth in total business to surpass the Rs5,000-crore mark during the current fiscal compared to Rs3,429.11 crore achieved during 2003-04, Nayak said after the annual general body meeting.

During 2003-04, the bank recorded 33 per cent growth in business over the previous year, with total deposits of Rs2,311 crore and advances of Rs1,146 crore.

On the non-performing assets, he said the bank was expected to bring it down to less than 3.0 per cent this year as compared to over 6.0 per cent during the previous fiscal.

In order to bring down the borrowing cost, LKB is also increasing its focus on the mobilisation of low cost funds to reduce average cost of deposits, Nayak said. The bank has also charted out an ambitious growth plan including the 100 per cent send this article to a friendcomputerisation of the bank and expansion of delivery channels through the increased spread of its branch network, extension counters, ATMs and alternate banking channels.

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Lord Krishna Bank targets Rs5,000-crore business