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Karnataka Vikas Grameena Bank, a Dharwad-based regional rural bank sponsored by Syndicate Bank, registered a profit growth of 35 per cent at Rs 128 crore for the financial year 2011-12.
The bank’s total business also grew by 18.75 per cent to touch an all-time high of Rs 10,803 crore in FY 2011-12 as compared to Rs 9,047crore registered last year.
The bank’s capital plus reserves for the year have risen to Rs 839 crore from Rs 711 crore registered last year. The total customer base has crossed more than 50 lakh, it said.
According to Mr C. Sambasiva Reddy, Chairman, KVG Bank, deposits have grown 14.45 per cent at Rs 6,187 crore as compared to last year’s Rs 5,406 crore. Advances are up 25.06 per cent at Rs 4,616 crore (Rs 3,691 crore).
CASA deposits increased by Rs 520 crore, forming 53 per cent of the total deposits. This reflected a growth of 19 per cent. The credit-deposit ratio of the bank stood at 73 per cent as on March 31, 2012, as compared to 67.35 per cent as on March 31, 2011.
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