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Q1 30th June 2015 Performance.

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Unaudited Financial Results

Un audited financial result for the quarter ended 30th June 2015.

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Our Past
 
Lakshmi Vilas Bank was founded in 1926 by a group of seven progressive businessmen of Karur under the leadership of Shri V.S.N. Ramalinga Chettiar. Their objective was to cater to the financial needs of the people in and around Karur who were occupied in trading businesses, industry and agriculture. The Bank was incorporated on November 3, 1926 under the Indian Companies Act, 1913, and obtained the certificate to commence business on November 10, 1926. Subsequent to introduction of the Banking Regulations Act, 1949 and Reserve Bank of India as the regulator for the banking sector, the Bank obtained its banking license from RBI on 19,June 1958, and on 11, August 1958 it became a ‘scheduled commercial bank’ signifying capability to operate as a full-fledged commercial bank.
 
Lakshmi Vilas Bank saw considerable expansion of its branch network during the period 1961-65, when the Bank took over nine other banks. From 1974, the bank started expanding the branch network beyond Tamil Nadu to benefit from opportunities in the pan-Indian market. Thus, branches were established in the neighbouring states of Andhra Pradesh, Karnataka and Kerala, important financial centres such as Mumbai, New Delhi and Kolkata as well as in other significant business centres in Maharashtra, Gujarat and Madhya Pradesh. Meanwhile, the Bank attained the status of Authorized Dealer in foreign exchange in 1976 enabling it to provide full range of services to customers engaged in international trade and to overseas travellers. Mechanization was introduced in the Administrative Office as early as 1977, and data processing and computerization began in right earnest in 1993 by the bank’s own in-house team. Implementation of Core Banking Solution (CBS) was started in October 2006, and all of the Bank’s branches were migrated to CBS by March 2008.

 

Where we are today 
 
Mr. Rakesh Sharma was appointed as the MD & CEO of the bank in Mar 2014, who was earlier with State Bank of India for over 33 years heading different departments both nationally and internationally. His last assignment was that of Chief General Manager of Patna Circle, comprising of two states of Bihar and Jharkhand,. The Bank has witnessed substantial improvement across all business parameters in the past one year. Further other prominent additions to the top management are Mr.AJ. Vidyasagar as CGM & COO and Mr. RM Meenakshi Sundaram as Chief General Manager of Whole Sale Banking. 
 
Currently, our operations are spread over a network of 404 branches (plus 7 extension counters) with PAN India presence, supervised by 11 Regional Offices. We have 23 “B” Category Branches. We have 820+ ATMs and deployed POS machines at various merchant establishments. Our extensive branch network (60%) in Tamil Nadu, one of the more progressive and industrialized states in the country, provides us a solid market base of business and customers. We are active across the entire spectrum of customer segments - retail, mid-market and corporate. Further taking part in all the Government initiated financial inclusion plans. Through our branches, we offer a host of para-banking products in association with Life and General Insurance companies, mutual funds, stock broking houses, money transfer/ remittance companies, etc. With continuous investments in technology, all of our services are offered on a robust technologically advanced platform.  
 
The Bank's asset size as on March 31, 2015 was to the tune of Rs.24,705 crores, with total income of Rs.2,498.57 crores. We maintained deposits of over Rs.21964.21 crores with us as on March 31, 2015. The operating profit for the same year was to the extent of Rs.376.44 crores; its growth rate at 21.83% during the year being one of the highest among peer banks. During the Financial year ended 31.3.2015 we made net profit of Rs. 132.29 crs. With the anticipated upturn in the economic condition and revival of profitability of businesses in various sectors, we expect marked improvement in the bank’s profitability in the coming period.
 
We benchmark our operating standards continuously with the best practices in the banking industry, so as to ensure that our customers always receive services with high level of satisfaction. We take special pride in the fact that we are able to offer personalized services drawing inspiration from our rich heritage, even as we have moved over to the latest in technology. We recognize that we are truly in the business of bringing prosperity to all our stakeholders, and seek continuously to live up to the motto 'life smiles where LVB serves’.
 
Our vision
 
“To be a sound and dynamic banking entity providing financial services of excellence with pan-India presence”.
 
Our mission
 
“To develop a range of quality financial services and products to create value for customers, shareholders and the society; to motivate people to achieve excellence in performance leading to sustained profitable growth and build a vibrant organization.”
 
Our logo
 
  • The colour red symbolizes pure and strong values. 
  • The colour of ochre gold in the logo signifies prosperity and wealth.
  • The circle of kumkum holds within it all good things.
  • The logo symbolizes our invitation to walk the path of Lakshmi and celebrate her blessings, wisdom, growth and contentment and a life full of rich meaning.
 
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