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Andhra Pradesh Grameena Vikas Bank’s (APGVB) net profit increased 43 per cent at ₹503 crore in the financial year ended March 31, 2018, compared to ₹352 crore in the previous year.
Announcing the results at press conference here on Tuesday, its Chairman V Narasi Reddy said better management of non-performing assets (NPAs), increase in current account, savings account (CASA) and strong performance in treasury operations, among others, resulted in the increase in net profit.
The total business of the bank increased by 13.75 per cent at ₹28,650 crore. Deposits and advances grew 11.82 per cent and 15.75 per cent, respectively.
“Net NPAs have come down to ₹28 crore from ₹87.57 crore, which translates to a reduction to 0.20 per cent from 0.72 per cent,” said Reddy. The net worth of the bank increased to ₹2,252.82 crore from ₹1,749.81 crore last year, registering an increase of 28.75 per cent.
IPO plan
On the proposed plans for initial public offer (IPO), Reddy said: “The valuations are currently under way and modalities are being worked out; we may go for it during this financial year.”
APGVB is among the four regional rural banks (RRBs) identified by the Government of India in the Union Budget 2018-19 for listing on stock exchanges.
While the government has a 50 per cent stake in APGVB, SBI holds 35 per cent. The remaining 15 per cent is held by the governments of Andhra Pradesh and Telangana.
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