Money & Banking

AP Grameena Vikas Bank net profit up 5%

| Updated on: Apr 28, 2011

Andhra Pradesh Grameena Vikas Bank (APGVB) has posted a 5 per cent increase in its net profit at Rs 108 crore during the financial year ended March 31, 2011 compared with the year-ago period.

The total business of bank — a regional rural bank sponsored by State Bank of India — grew 27 per cent at Rs 9689 crore.

“The credit-deposit ratio of the bank is 102 per cent with deposits of Rs 4,795 crore and advances of Rs 4,894 crore. “We are all set to cross Rs 12,500 crore business during the year 2011-12,'' Mr K. Lakshman Rao, Chairman, APGVB, said in a release.

APGVB had the biggest advance portfolio for microfinance to the self-help groups (SHGs) among all the RRBs of the country at Rs.1472 crore.

About 1.72 lakh SHGs consisting of more than 20 lakh poor women were covered under the credit-linkage programme.

It had also extended credit to 5.80 lakh farmers under the kisan credit cards scheme with an outstanding advance of Rs 1,705 crore.

The bank is under core banking with the migration of all its 553 branches to core banking solutions platform and plans to install ATMs during 2011-12.

It was also in the process of implementing biometric enabled smart card project in four districts covering 1,963 villages of Warangal, Medak, Mahabubnagar and Khammam districts, Mr Lakshman said.

Published on April 28, 2011

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