The year just passed by has left behind many positive notes and of course certain complex issues globally.  The financial sector in almost all the developed and developing economies faced some major problems triggered by the subprime crisis.  Even well known major banks had to closedown / merge with other stronger banks and also seek State support.  Recession, credit crisis and their offshoots are haunting many countries.  The Central banks and the Governments are exploring ways and means to combat the situation.  Bailout efforts and 'stimulus' packages are being implemented / actively considered.

Well structured regulations and strong supervisory oversight have ensured that our Banking system in particular and economy in general are not affected very adversely. 

In the backdrop of inflationary pressures and liquidity constraints, Indian Banking sector had to operate with high degree of understanding and caution to shore up economic activity, sustain growth and ensure profitability. 

Our Bank on a year-on-year basis (up to December 2008) has clocked eighteen percent growth in total business. In comparison, this growth pales in to insignificance.  Banking system is growing at a very healthy 25 percent (plus) rate.  We have a big-gap to bridge for the end of the year target numbers.

Our network has increased to 251 branches spread across 15 States / Union Territories.  ATM network is massive with our entry in to the Cash Tree arrangement. Technology base is strong. Man power at branches and offices is strengthened.  The Bank is focused well on training needs of all our staff members.  Imparting required knowledge through in-house training system and through external resources has received prime attention.

To cater to varied preferences of customers, Bank has developed new products and service delivery techniques. We should be continuously modifying our products, services & technology to meet customer preferences. We should also be very communicative about our products & services and build up an excellent ever growing customers base.

In the New Year, we need to aim at robust growth through dedicated service and enlarged product range, services and customer base.

I acknowledge the support extended by all our LVBians throughout the year particularly at difficult times. I am sure the oneness and belongingness demonstrated in the year gone by will ensure unhindered growth in the New Year.

I  WISH  YOU  AND  YOUR  FAMILY MEMBERS      
A  VERY  HAPPY  AND  PROSPEROUS  NEW YEAR - 2009

With warm greetings,

V.S.REDDY

Managing Director