Money & Banking

APGVB net profit surges to ₹617 cr

Hyderabad | Updated on May 15, 2020

Andhra Pradesh Grameena Vikas Bank’s (APGVB) net profit increased manifold at ₹617 crore in the financial year ended March 31, 2020, against ₹112 crore in the previous financial year. The total business of the bank, which is sponsored by SBI, increased 15.6 per cent to ₹37,819 crore from ₹32,714 crore.

The credit-deposit ratio was at 104.47 per cent, while the net interest margin increased to 4.73 per cent (4.36 per cent). As part of the technology inistiatves, APGVB installed 110 passbook printing kiosks and rolled out four mobile ATMs. “The bank is targeting a growth of 15 per cent in business in FY21,” said K Praveen Kumar, Chairman, APGVB, in a press release.

Published on May 15, 2020

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