The Hindu Business Line : Deccan Grameena Bank PBT up 40%

Hyderabad April 30 The Hyderabad-based Deccan Grameena Bank has posted 40 per cent increase in the gross profit before tax (PBT) at 24.53 crore in the fiscal year ended March 31, 2007 compared to Rs 17.45 crore in the previous fiscal.

The total business increased 23.6 per cent to Rs 2,012 crore from Rs 1,628 crore in the fiscal year 2005-06. "The growth is primarily driven by strong mobilisation of funds from the rural areas," Mr S.V. Hanumanth Rao, Chairman, told newspersons here on Monday.

The gross NPA to total advances reduced to 2.89 per cent from 4.75 per cent during 2005-06 while net NPA to aggregate advances stood at 1.64 per cent from 2.88 per cent in previous fiscal.

During 2006-07, the bank issued 14,962 new Kisan Credit Cards (KCC) taking the total KCCs issued so far to 1,64,978 with an outlay of Rs 263.17 crore.

Further, the bank had also linked 14,080 Self Help Groups (SHGs) during the year.

The Bank, sponsored by State Bank of Hyderabad, is planning to add 10 more new branches to its current network of 166. "We had applied to the Reserve Bank of India for license. We will open four in Adilabad, two in Karimnagar, two in Nizamabad and one branch in Ranga Reddy district," Mr Rao said.

For 2007-08, the bank targets 25 per cent growth in business to Rs 25,000 crore.

More Stories on : Regional Rural Banks | Financial Performance | Andhra Pradesh

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