The Hindu Business Line : Lord Krishna Bank net seen at Rs 25 cr

THE net profit of Lord Krishna Bank is poised to touch Rs 25 crore as per the provisional figures available for the year 2002-03, up from the Rs 19.71 crore notched up during 2001-02.

In a statement issued at the shifting of one of the bank's M G Road branch in Ernakulam to its new premises, Mr R. M. Nayak, the bank's Managing Director and CEO, said that the bank had taken aggressive measures for NPA recovery and the net NPA had been brought down from 9.85 per cent as on March 2002 to less than 6 per cent (provisional) as on March 2003.

As against a RBI stipulated capital adequacy ratio of 9 per cent, the bank has been able to notch up a capital adequacy level of 16.5 per cent. Terming the growth of the bank as one of the fastest in the industry, Mr Nayak said that both deposits and advances had grown rapidly according to the provisional figures available for the year.

By December 2002, the total networth of the bank had grown to Rs 129.05 crore, up from the Rs 108.46 crore as on March 2002.

Currently, the bank has a network of 96 branches spread across 10 States. Still the bank has been maintaining its identity as a Kerala-based bank, with 68 of the total branches being located in that State.

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Lord Krishna Bank net seen at Rs 25 cr