The Hindu Business Line : Karnataka Vikas Grameena net profit at Rs 39 cr

MANGALORE: The Karnataka Vikas Grameena Bank - which was formed recently after amalgamating Malaprabha Grameena Bank, Bijapur Grameena Bank, Netravati Grameena Bank and Varada Grameena Bank - recorded a net profit of Rs 39.60 crore in the first six months of the current financial year.

Syndicate Bank is the sponsor of the Dharwar-headquartered Karnataka Vikas Grameena Bank.

A bank release said here on Thursday that the bank did a total business of Rs 3,264 crore during the period. This includes Rs 1,621 crore of deposits and Rs 1,643 crore of advances.

Quoting Mr B.S. Surendra, Chairman of the bank, the release said that the bank is planning to reach a total business of Rs 3,724 during the current financial year. It wants to mobilise Rs 1,944 crore of deposits and advance Rs 1,780 crore during the year.

The bank has exceeded the target for disbursement to agriculture sector, Mr Surendra said. Against a target of Rs 222 crore, the bank disbursed Rs 263 crore.

The actual disbursement of the bank to the priority sector was 98 per cent against the target of 71.65 per cent. The NPA of the bank, which stood at 4.37 per cent during the period, will be reduced to 2 per cent, he said.

Stating that emphasis will be on quality lending during the next six months, he said that the region-specific schemes of the erstwhile banks would be continued more effectively.

The bank has plans to open 21 new fully computerised branches and a few ATMs in the near future, he added.

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Karnataka Vikas Grameena net profit at Rs 39 cr