The 84-year-old private sector Lakshmi Vilas Bank (LVB) has increased its profit more than three-fold in 2011 to Rs 101 crore from Rs 30 crore in 2010, according to Mr P.R.Somasundaram, Managing Director and Chief Executive Officer of the bank.
He said the bank, which is present in 16 States, had a total business mix of around Rs 22,000 crore and the target for the current fiscal is to reach Rs 28,000 crore.Addressing a customers' meet here, he said despite a slowdown in growth and difficult economic situation, the bank was looking forward to considerable growth this fiscal.
The bank has been offering services on par with big banks and was the tenth bank in the country to offer money transfer through mobile phones. The bank would focus on servicing small and medium enterprises.
Under financial inclusion programme, 50 branches of the bank offered financial services, conscious of its social responsibility, he added.
Mr B. Ranjan Babu, Deputy General Manager, said the bank had entered into a tie-up with Life Insurance Corporation of India to sell its products in the branches.