OTHERS

Tungabhadra Grameena Bank registers Rs. 16.1 cr. profit

BELLARY May 9. The Tungabhadra Grameena Bank has made a profit for the 26th year in succession. The operating profit of the bank for 2001-02 has improved to Rs. 23.73 crore from Rs. 20.08 crore, a growth of 18.18 per cent.

The net profit stands at Rs. 16.10 crore, the Chairman of the bank, P.Narasimha Murthy, has said.

Addressing presspersons here on Thursday, he said the total business of the bank, which had over 9.5 lakh customers, improved from Rs. 831.31 crore to 973.52 crore at the end of March, a growth of 17.11 per cent.

The credit deposit ratio stood at 99.45 per cent against the national average of 42 per cent for regional rural banks. Against the advance disbursement target of Rs. 273.31 crore under the annual action plan in the district, it disbursed Rs. 422.53 crore.

Against the mandatory target of 40 per cent for priority sector advances, the bank disbursed Rs. 354.35 crore (73 per cent) out of the total outstanding of Rs. 485.42 crore, he said.

Mr. Murthy claimed that the gross non-performing assets (NPAs) of the bank came down to 6.53 per cent, while the net NPAs came down to 4.24 per cent.

The bank planned to attain a business turnover of Rs. 1,200 crore with one million clients during 2002-03, he said.

The thrust areas would be to support production activities under agricultural and non-agricultural sectors, enable people to create assets, and capital formation activities.

For giving thrust to economic development in dry-land development, milk production and processing, poultry, inland fisheries, housing, transport, and service activities such as medical and construction activities, it would help support setting up of infrastructure, he said.

The bank was planning to introduce facilities such as accepting electricity bills and telephone bills at all its branches, he said.

The bank, which had introduced a new scheme for financing solar home lighting system, had disbursed Rs. 8.36 lakh to 43 customers. In order to propagate the scheme, the bank proposed to organise an exhibition of the system, he said.

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