Financial Daily from THE HINDU group of publications
Monday, May 10, 2004
Financial Daily from THE HINDU group of publications Monday, May 10, 2004 |
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Money & Banking
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Regional Rural Banks Malaprabha Grameena Bank net profit up at Rs 34.49 cr Our Bureau
Mangalore , May 9 MALAPRABHA Grameena Bank, Dharwad, recorded a net profit of Rs 34.49 crore during 2003-04 as against a net profit of Rs 17.14 crore during 2002-03, registering a growth of 101 per cent. According to the Chairman of the bank, Mr B.S. Surendra, the bank is aiming at achieving Rs 40-crore profit during 2004-05. A press release here said that the total deposits of the bank stood at Rs 852.78 crore during the last fiscal compared to Rs 767.71 crore during the previous year. The outstanding advances of the bank stood at Rs 691.85 crore as against Rs 609.75 crore.The business target for the bank for 2004-05 is Rs 2,025 crore. Of this, Rs 1,100 crore is expected from deposits. Stating that various steps initiated by the bank to recover loans have yielded good results, Mr Surendra said that the loan recovery rate of the bank stood at 70 per cent during 2003-04. The bank curtailed NPAs to Rs 68.40 crore, which is 9.88 per cent of the total advances, he added. The bank, which has 243 branches in Dharwad, Gadag, Haveri and Belgaum districts, has computerised 180 branches. He said that all the branches would be computerised in a phased manner. The bank claimed that it is the first regional rural bank to introduce kisan credit cards to farmers. During 2003-04, the bank issued 24,576 cards to the tune of Rs 83 crore. In the last fiscal, the bank credit linked 3,450 self-help groups (SHGs) to the tune of Rs 9 crore. During 2004-05, the bank is planning to bring 4,500 SHGs under its fold. Mr Surendra said that the bank has signed an MoU with the University of Agricultural Sciences, Dharwad, to transfer technical knowledge to farmers.
More Stories on : Regional Rural Banks | Karnataka
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