KARNATAKA

Malaprabha Grameena Bank posts Rs. 19.53-cr. profit

DHARWAD, OCT. 11. Malaprabha Grameena Bank has posted a net profit of Rs. 19.53 crores for the first half of the current financial year.

This, according to B.S. Surendra, chairman of the bank, is an increase in the net profit by Rs. 3.41 crores over that of the corresponding period of the last financial year, a growth of 21.15 per cent.

In a press release issued here today, Mr. Surendra said the bank achieved a total business of Rs. 1,711 crores, while its aim was to touch Rs. 2,025 crores comprising Rs. 1,100 crores of deposits and Rs. 925 crores of advances by the end of the current financial year.

Mr. Surendra said that the net increase in total business in the first half year over that of the corresponding period last year was Rs. 278 crores, registering a growth of 19.40 per cent.

By the end of the first six months of the current financial year, the total deposits stood at Rs. 890 crores and advances at Rs. 821 crores.

Disbursement

Mr. Surendra said that the bank disbursed Rs. 230 crores against Rs. 147 crores disbursed during the corresponding period last year.

Kisan credit cards

A total of 34,921 kisan credit cards were distributed against the target of 17,400.

He said that under self-help group linkage, the bank had provided links to 5,394 groups against the National Bank for Agriculture and Rural Development's annual target of 2,950 and disbursed Rs. 9.68 crores.

Clubs

The bank had set up 96 clubs under Vikas Voluntary Vahini and the credit to the priority sector stood at 74 per cent against 60 per cent of the corresponding period last year, Mr. Surendra said.

NPA

Non-performing assets had been brought down to Rs. 62.45 crores and NPA now stood at 4.87 per cent of the total advances. The recovery rate stood at 70 per cent, he said.

The bank's CD ratio had touched 92.19 per cent, and the per-employee productivity had increased to Rs 1.21 crores.

The agricultural credit had doubled and the bank had introduced three schemes, he added.

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