The Hindu : Lord Krishna Bank to market SBI MF products

Online edition of India's National Newspaper
Sunday, Feb 08, 2004

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Lord Krishna Bank to market SBI MF products

By Our Special Correspondent

R. M. Nayak (third from left), Managing Director, Lord Krishna Bank, and P. G. R. Prasad (second from right), Managing Director, SBI Mutual Fund, exchanging the documents after signing the memorandum of understanding.

KOCHI, FEB. 7. SBI Mutual Fund has announced a tie-up with Lord Krishna Bank for distributing its mutual fund products. The bank will be distributing mutual fund products through 103 branches across the country to its customers.

The Managing Director of SBI MF, P. G. R. Prasad, said the tie-up would help the bank tap investment avenues hitherto not explored. The fund, with assets under management of over Rs. 5,500 crores, has one of the largest investor bases, he claimed.

Lord Krishna Bank has registered a total business of more than Rs. 2,500 crores, says R. M. Nayak, Managing Director.

Talking to reporters in Kochi, he said the net worth of the bank, which was Rs. 119.28 crores on March 2003 had gone up to Rs. 143.35 crores, this year. The capital adequacy ratio stood at 15.75 per cent at the end of 2003 and the net profit was Rs. 22.09 crores. Net interest income (spread) as a percentage to average working funds has increased from 1.04 per cent to 1.11 per cent as on December 31, 2003, he said. The bank planned to open 11 more branches, he added.

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