Money & Banking

Andhra Pragathi Grameena Bank eyes Rs 10,300-cr biz this fiscal

Anjana Chandramouly Bangalore | Updated on October 08, 2011

Andhra Pragathi Grameena Bank hopes to clock business of Rs 10,300 crore during this fiscal, with deposits of Rs 5,000 crore.

The Chairman, Mr K. Preetam Lal, said in a press release that the bank hopes to close this year with a net profit of Rs 150 crore. As on September 30, 2011, the bank’s net profit for the first half of the fiscal stood at Rs 88.63 crore.

More branches

The bank plans to add 35 more branches to its network of 390 branches and three extension counters across five districts in Andhra Pradesh — Anantapur, Kadapa, Kurnool, Nellore and Prakasam. The bank, which has six regional offices, plans to open another at Nandyal shortly, said the release.

The total business of the bank crossed Rs 9,092 crore as on September 30, 2011, with a year-on-year growth of 21.34 per cent. While deposits grew 13.87 per cent, advances grew 28.46 per cent. The bank’s priority sector advances touched Rs 4,477 crore, recording 28.46 per cent year-on-year growth.

The bank has fully migrated to core banking solutions (CBS), and the release added that facilities such as RTGS, NEFT, debit cards and ATM would be offered to customers soon.

Published on October 08, 2011

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