The Hindu : Karnataka News : Grameena bank nets Rs. 7-crore profit

Online edition of India's National Newspaper
Wednesday, May 04, 2005

Karnataka

Karnataka - Others

Grameena bank nets Rs. 7-crore profit

Staff Correspondent

`Bank has met target in all key parameters' `Scholarships totalling Rs. 7.98 lakhs have been distributed among 1,060 children of self-help group members.'

CHITRADURGA: Chitradurga Grameena Bank has earned a net profit of Rs. 7.06 crores and transacted business worth Rs. 578.96 crores during the financial year 2004-05.

Addressing a press conference here on Tuesday, N. Narasa Reddy, chairman of the bank, gave details of the bank's achievement for the year ending March 31, 2005.

Mr. Reddy said the bank, for the first time in its history, has meet the targets under all key parameters.

Deposits

While the bank's deposits increased by Rs. 60.6 crores, it advanced Rs. 272.42 crores as against the target of Rs. 260 crores, recording a growth of 23.67 per cent over the last year, Mr. Reddy said. The priority sector advances total Rs. 232.50 crores, he added.

Around 13,050 farmers have been given loans, which exceeds the Centre's stipulation of financing 100 new farmers per branch, he said. The client base also expanded to 4.01 lakh with the addition of 11, 268 new customers, he said and added that the business per branch also increased to Rs. 6.36 crores from Rs. 5.13 crores recorded last year. The recovery rate also increased to 83 per cent from 82 per cent recorded last year, he added.

Mr. Reddy said the non-performing assets (NPA) of the bank reduced to Rs. 11.11 crores from Rs. 16.81 crores during the last year as against the target of Rs. 13 crores. Six branches of the bank attained "Nil NPA" status while three branches at D.B. Kere, Muthugadur and M.G. Dibba achieved "Nil NPA" status consecutively for the fourth year, he added.

On the social activities of the bank, he said scholarships totalling Rs. 7.98 lakhs have been distributed among 1,060 children of self-help group members. Also, 15 "Voluntary Vikasa Vahini" groups have been formed, he added.

The bank has stood first in implementing the Voluntary Vikasa Vahini schemes in the State by setting up 148 farmers' groups. The Kashilingeshwara Voluntary Vikasa Vahini group of Attigere branch has bagged a State award instituted by the National Bank for Agriculture and Rural Development for 2002-03, he added.

Mr. Reddy said all the 91 branches of the bank will be computerised by September.

K.S. Sitarama Reddy, director of the bank, spoke.

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