Post LVB integration, DBS Bank to focus on gold loan, MSMEs
CHENNAI: Growing gold/MSME loan business, launching proprietary credit card and increasing bancassurance tie ups are among the focus areas of DBS Bank India Ltd, said a senior official.
He also said the integration of Lakshmi Vilas Bank (LVB) with DBS Bank is almost over. The technology integration will be completed soon and the whole bank will work on a single solution.
“We plan to grow our gold loan business to Rs 15,000 crore in five years’ time. Currently, it is about Rs 4,500 crore. Further we will also focus on the micro, small, medium enterprises (MSME),” Bharath Mani, head – retail customer segment, DBS Bank India told reporters on Thursday.
The progress of the integration got reflected in the DBS Bank India’s FY22 results. The bank recorded a net profit of Rs 167 crore. It aims to scale-up its retail and lending business targeting 40 per cent of its overall revenues to come from large corporates and 60 per cent form its consumer and SME banking.
Mani said the bank with a foreign bank pedigree and with a wide network is all geared up to serve the wider business section.