Private sector lender, Lakshmi Vilas Bank has plans to consistently scale heights in terms of profit. The plans of the bank were marked by Managing Director and Chief Executive, Mr P.R. Somasundaram saying, "the focus is now on profitable, consistent growth."

There has been a 280% rise in net profits of the bank for the Q3 of this fiscal amounting to Rs 25.69 crore.

Somasundaram commented on the commendable performance of the bank saying, "this is the third successive quarter of growth, reflecting qualitative improvement in our fundamentals. Moving forward, we will ensure ‘consistency' to be our hallmark."

He said that the main reason behind the bank's scalable performance has been, "focused reduction in the NPA levels helped strengthen fundamentals. We have been quite aggressive on the recovery front, we even outsourced recovery, sold a few non-performing assets, though the same have not been brought into our books as yet. The net NPA has fallen from 4.17 per cent (Q3 of 2009-10 fiscal) to 2.04 per cent, but this is without considering the Rs 70 crore recovery. If this is accounted, our net NPA level would stand reduced to 1.21 per cent. We are intent on getting the basic things right," he added.

"We have had some bad experiences last year. So we want to ensure that there is no deterioration in the growth path. We have exited from a lot of difficult accounts. Our net advances have grown only by 11.6 per cent. We want to be cautious on lending. Liquidity, however, has not been extraordinary," he said.

Stating the future growth strategy of the bank, he said, "we are in the process of drawing up a 3-year strategic plan. It would be an organic business growth plan; no M&A initiatives."