The Hindu Business Line : South Malabar Gramin Bank posts Rs 17-cr net profit

The South Malabar Gramin Bank has posted a net profit of Rs 17.04 crore for 2005-06 compared to Rs 19.16 crore the previous year. The principal reason for the fall in profit was the additional expenditure of Rs 5 crore incurred on salary arrears, withdrawal of service charges and shrinking interest rate spreads.

The bank's business volumes grew 20 per cent and touched Rs 2,613 crore. Total deposits grew to Rs 1,236 crore, while advances stood at Rs 1,377 crore, recording a CD ratio of 112 per cent.

The bank has assisted 7,234 self-help groups with a disbursement of Rs 28 crore. Of the 1.11 lakh beneficiaries under the scheme, 95 per cent are women, a press release from the bank said. The bank has also launched a housing loan scheme for self-help group members, which has so far benefited 472 members.

Following the Government policy of doubling agricultural credit, the bank has issued 1,29,294 Kisan Credit cards with a credit assistance of Rs 363 crore.

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