The Hindu Business Line : Rayalaseema Bank posts all-time high profit of Rs 28 cr

RAYALASEEMA Grameena Bank (RGB), the Cuddapah-based regional rural bank that operates in the districts of Cuddapah, Kurnool and a part of Prakasam in Andhra Pradesh, has announced all-time high profit of Rs 28 crore for the fiscal ended March 31, 2004.

In a press release here on Saturday, the RGB Chairman, Mr Dinkar Rao, said the bank achieved impressive growth of 24 per cent in its total business which stood at Rs 1,391 crore against Rs 1,121 crore in the previous fiscal and a growth of 30 per cent in net profit.

The credit outstanding of the bank rose by 25 per cent to Rs 564 crore from Rs 451 crore in the previous fiscal. The bank recorded a growth of 23.4 per cent in deposits at Rs 827 crore (Rs 670 crore).

During the fiscal under review, the bank provided linkage to 8,000 self-help groups (SHGs) by disbursing over Rs 20 crore.

Stating that the bank has already opened self-employment training institutes at Cuddapah and Kurnool in association with the sponsor bank - Syndicate Bank, Mr Rao said the programme was aimed at motivating the unemployed youth to take up self-employment. Under this scheme, the bank offers package that contains identification of candidates, imparting them training, providing financial and escort services.

According to Mr Dinkar Rao, the bank retained its number one position among the 16 regional rural banks in the State and stood fourth among 196 regional rural banks across the country. On the ambitious plans of the bank, he said that RGB hopes to double its total business to Rs 2,700 crore by the current fiscal end.

More Stories on : Regional Rural Banks | Andhra Pradesh

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Rayalaseema Bank posts all-time high profit of Rs 28 cr

Gulf migrants remittances — `Alternative to hawala working well in UAE'

Further softening of interest rates likely

IOB to ramp up priority sector lending in lead dist

Prudential Co-op Bank depositors in a quandary; threaten stir