Karnataka - Shimoga   

SBM registers 24 p.c. growth in two districts

Special Correspondent

SHIMOGA: The regional office of the State Bank of Mysore comprising 38 branches of Shimoga and Uttara Kannada districts has registered a growth of 24.34 per cent for 2004-05.

Giving details about the performance of the bank's regional office in various sectors during 2004-2005, its Assistant General Manager, S.R. Sundaresh, told presspersons here on Thursday that the region had recorded an unprecedented growth of Rs.136 crores in business compared to Rs. 63 crores in the preceding year.

Apart from making strides in business during the year he said the region had been active in community services which included the donation of two computers worth Rs. 49,586 to the Sri Sharada Devi Andhara Vikasa Kendra, Tunga Mahotsava at Tirthahalli and the donation to the Blind Chess Association for conducting a tournament recently.

Aggregate deposits

Mr. Sundaresh said that the aggregate deposits increased from Rs. 415.25 crores in March 2004 to Rs. 498.92 crores in March 2005 registering a growth of 20.14 per cent maintaining the first place in the deposit mobilisation in Shimoga district.

Advances

He said the advances increased from Rs. 306.29 crores in March 2004 to Rs. 358.88 crores in March 2005. The credit deposit ratio was 71.93 per cent, he said.

Mr. Sundaresh said that agriculture continued to receive high priority, recording a growth of 30.48 per cent to reach Rs. 93.07 crores in March 2004. Under the special agricultural credit plan which envisaged the doubling of agricultural credit in three years, the bank disbursed Rs. 69.95 crores against the target of Rs. 67.15 crores in the region.

He said that the recovery of the loan had been as high as 90 per cent and pointed out that the short-term agricultural loan had been converted into long-term loan in as many as 200 accounts in view of the drought in the last three years.

Mr. Sundaresh said that the region had plans of increasing the net profit substantially during the current financial year by setting for itself an aggregate business growth of Rs. 160 crores.

He said that the bank building would be made more spacious soon.

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SBM registers 24 p.c. growth in two districts

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