The Andhra Pragathi Grameena Bank has achieved a total net worth of ₹1,811.56 crore by the end of 2016-17 financial year, which is the highest among all the regional rural banks in the country, APGB Chairman A. Venkata Reddy claimed on Thursday.
The bank achieved a net profit of ₹ 173.88 crore during the year, he told the media after addressing a business review meeting with the bank’s branch heads of the Kurnool region here. The bank’s total business of ₹ 21,271 crore (20% growth over the previous year), deposits of ₹ 11,554 crore (20.5%), low cost deposits (32%) loan disbursal (15%) and all the targets set by the sponsor bank were met, he said.
Loans disbursed to the agriculture sector touched ₹ 7,480 crore, constituting 77% of gross advances as against the mandatory level of 18%, Mr. Venkata Reddy said. Its priority sector advances touched ₹ 8,628 crore, which was 88.79% of gross advances as against the mandatory level of 60%, he added.
Home loan subsidy
APGB was extending housing, vehicle and education loans and according priority to lending to trade, production and service sectors, the chairman said.
Housing loanees would get three to four per cent interest subsidy in notified towns. The bank signed a Memorandum of Understanding with the National Housing Bank.
The bank proposed to start 30 new branches and 40 ATMs this year. It started 90 ATMs in the last financial year, Mr. Venkata Reddy said. Agricultural loans up to ₹ 2 lakh were being given without mortgage, he said.
