Money & Banking

Karnataka Gramin Bank records ₹14 crore net profit in 2020-21

Our Bureau Mangaluru | Updated on July 01, 2021

The bank registered an income of ₹3,478 crore

The Ballari-headquartered Karnataka Gramin Bank (KGB), sponsored by Canara Bank, registered a net profit of ₹14.04 crore during 2020-21 as against a profit of ₹18.61 crore in 2019-20.

A press statement said that the bank has been consistently earning profits since inception.

The bank registered an income of ₹3,478 crore as against ₹3,233 crore in the previous fiscal.

It said that the bank continues to be the largest regional rural bank (RRB) in southern India with a total business of ₹55,855 crore during 2020-21 and the second largest RRB in the country, it said.

The deposits of the bank stood at ₹31,068 crore, and advances at ₹24,787 crore during the financial year 2020-21.

Also read: 2 RRBs in Karnataka amalgamated

Priority sector advances grew by 15.05 per cent to reach ₹22,928 crore, constituting 92.50 per cent of the bank’s total advances, it said.

The bank is targeting a business of ₹62,000 crore for 2021-22.

Karnataka Gramin Bank has a network of 1,134 branches, and 242 ATMs. It has deployed around 1,300 business correspondents for rendering services to its customers.

During the lockdown period, the bank deployed five mobile ATMs to deliver cash to the doorsteps of the people in Ballari, Kalaburagi, Raichur, Mysuru and Chitradurga districts, the statement said.

Published on July 01, 2021

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