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LVB to open 50 branches

Lakshmi Vilas Bank is planning to open 50-60 new branches in the country in 2016-17. The bank is planning to expand its presence in other states, with special focus on Andhra Pradesh. The bank has a total of 455 branches, out of which 200 is outside TN. Out of this, 48 branches are situated in AP. The bank’s CEO A.J. Vidya Sagar said the bank has opened 55 new branches in 2015-16 and will add five more by the end March. The bank’s volume of business at present is Rs 42,000 crore, of which Rs 18,000 crore is advances. The net NPA amounted to 0.8% of the advances and the bank was growing at 42%, Vidya Sagar said.

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