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Pragathi Gramin Bank, a regional rural bank sponsored by Canara Bank having its headquarters in Bellary, recorded a net profit of Rs 62.41 crore for the year 2012-13, compared with Rs 12.61 crore in the previous year.
“Continuous drought for three years increased the non-performing assets (NPA) to 6.97 per cent affecting the profit of the bank during that year. But due to continuous and sincere attempts by the staff, NPA has been brought down to 2.54 per cent during the year 2012-13 resulting in profits going up,” M.G. Bhat, Chairman of the bank told reporters.
Highlighting the bank’s performance during the year 2012-13, Bhat said that the bank’s total business recorded a growth of 13.5 per cent and reached Rs 10.889 crore compared with Rs 9,594 crore as at the end of March 2012.
He said that aggregate deposits increased to Rs 5,631 crore registering a growth of 14.31 per cent, while the aggregate advance outstanding reached Rs 5,258 crore with a growth of 12.64 per cent, of which priority sector advances outstanding stood at Rs, 4,488 crore and constituted 85.34 per cent of the total advances outstanding as against the stipulated 60 per cent.
Credit-deposit ratio
Bhat informed that the bank’s achievement under implementation of annual action plan in the districts it covered stood at 121.80 per cent of the target and the credit-deposit ratio of the bank as at the end of March 2013 stood at 93.38 per cent.
The bank continued to lay thrust on lending for construction of rural agricultural godowns when Rs 11.40 crore were advanced for construction of 218 new godowns taking the total number of godowns to 1,806 and earning it top position at the national level, he said.
Bhat informed that during the year, the bank extended financial assistance to 5,607 self-help groups (SHGs) amounting to Rs 115.74 crore with the cumulative outstanding being Rs 215 crore for 14,614 SHGs; 618 joint liability groups (JLBs) had taken financial assistance to the tune of Rs. 12.75 crore with the cumulative outstanding touching Rs. 22 crores to 1,150 JLBs. In addition, 1,737 solar home light accounts amounted to Rs 3.42 crore (cumulative outstanding being Rs 10 crore covering 5,706 accounts), he said.
New facilities
Among the new facilities being extended by the bank included distribution of ATM debit cards, core banking system, ATM enabled Pragathi Kissan credit cards, issuing 4.62 lakh smart cards under the financial inclusion plan enabling beneficiaries to make remittances and withdrawal, receive social security pension, NREG wages at their doorsteps through its 414 business correspondents.
Kumsi Babu, Chief General Manager and other senior officials were present.
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