Staff Reporter

Encouraging results for the financial year 2005-06

125% growth in credit sectorStands highest in the district in SHG segment lendingGross income up by 14%

TIRUPATI: The Chittoor circle of Indian Bank has put up an improved performance for the financial year 2005-06 taking up the total business to Rs. 96,102.32 lakhs by this March-end from Rs.89,874.41 lakh for the previous year.

The bank's Deputy General Manager P.K.Chopra announced the financial results at a meeting in Chittoor town on Wednesday. The bank had disbursed credit worth Rs.14,205 lakhs against the annual target of Rs.11,405 lakhs, thus achieving a 125 per cent growth. In the priority sector advances, agriculture and allied activities netted Rs.11515 lakhs, small scale industries Rs.266 lakhs and other sectors Rs.2,500 lakhs respectively.

Lead bank in Chittoor

As many as 3,465 SHGs were linked to bank credit of Rs.2,412.29 lakhs during the year against the previous year's lending of Rs 1,420.11 lakhs to 2,731 groups, showing a rise of 70 per cent.

"The bank's lending under SHG segment is the highest among all the commercial banks in the district, covering 50,000 women'', Mr.Chopra declared. It may be noted that Indian Bank is the lead bank in Chittoor district. No-frills accounts to the tune of 1,347 were opened, while core banking solutions (online banking) were introduced in six branches in the circle during the year.

The recovery of non-performing assets (NPAs) for the year touched Rs.401 lakhs during the year as against a mere Rs.253 lakhs in the previous year.

In all, the circle's gross income improved from Rs.3122.45 lakhs in 2004-05 to Rs 3560.97 lakhs during the recently-concluded financial year, thus registering a growth of 14 per cent.

Laying more focus on housing and education sectors, the bank had disbursed housing loans worth Rs.5133.52 lakhs and educational loans to the tune of Rs.675.52 lakhs.