The Hindu Business Line : AP Grameena Bank plans more branches

Andhra Pradesh Grameena Vikas Bank, formed on March 31 with the merger of five regional rural banks (all sponsored by the State Bank of India), is planning to add 35 branches to its present network of 489, according to Mr A. Anantha Krishna, the Chairman.

At a press meet here on Saturday, he said Nagarjuna Grameena Bank, Sri Visakha Grameena Bank, Sangameswara Grameena Bank, Manjeera Grameena Bank and Kakatiya Grameena Bank had been merged to form AP Grameena Vikas Bank.

Sri Visakha Grameena Bank, with 168 branches in the three districts of Visakhapatnam, Vizianagaram and Srikakulam, was the biggest of the five, he said.

DEPOSITS

The deposits of the new bank, as on March 31, amounted to Rs 2,188.95 crore and the advances Rs 1,760.69 crore.

The net profit was Rs 23.06 crore and the reserves Rs 102.98 crore. The net NPA amounted to 6.04 per cent of the advances. All efforts would be made to reduce the net NPA, he added.

Referring to the erstwhile Visakha Grameena Bank's performance during 2005-2006, he said the bank could achieve business turnover of Rs 1,153.24 crore (deposits of Rs 582.84 crore and advances of Rs 570.40 crore) during the year. The net profit was Rs 9.28 crore and the net NPA 3.49 per cent.

The bank could double the agricultural credit in three years, lending Rs 288 crore in 2005-2006.

The bank had also extended credit of Rs 218.77 crore to 67,941 self-help groups of women by March.

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