Money & Banking

Tamil Nadu Grama Bank reports ₹185 cr profit in FY21

Chennai | Updated on August 02, 2021

Total business of the bank grew by ₹5,829 cr to ₹30,578 cr for FY21

Salem-headquartered Tamil Nadu Grama Bank, regional rural bank sponsored by Indian Bank, has reported a net profit of ₹185 crore for the year ended March 31, 2021 when compared with ₹150 crore in FY20, registering a growth of 23 per cent.

Interest income of the bank, which is now an amalgamated entity of Pallavan Grama Bank and Pandyan Grama Bank, was higher at ₹1,544.88 crore when compared with ₹1,434.30 crore in FY20. Total income of the bank stood at ₹1,824.37 crore (₹1,713.33 crore). Provisions and contingencies were lower at ₹278.25 crore (₹288.80 crore). Total expenditure stood at ₹1,639.86 crore (₹1,563.71 crore).

“Even in this adverse pandemic situation, the bank booked an operating profit of ₹462.76 crore, which is an increase of 5.55% over previous year, according to a statement.

Total business of the bank grew by ₹5,829.36 crore to ₹30,578.05 crore for FY21. Deposits stood at ₹14,858.82 crore and gross advances were at ₹15,719.23 crore when compared with ₹12,463,38 and ₹11,749.18 crore respectively in FY20.

CRAR of the bank stood at 12.21% as of March 31, 2021. Priority sector advances stood at ₹15,033.11 crore, constituting 95.64% of the total advances.

Net NPA fell to 0.57 % to the total loan outstanding in FY21 from 0.87% of previous year.

“TNGB undertakes various measures for delivering the benefit of various government schemes to the rural population of Tamil Nadu in addition to normal banking services,” S Selvaraj, Chairman of the bank said in the statement.

Published on August 02, 2021

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