Visveshvaraya Grameena Bank posts net profit of Rs 3 cr
Mandya, Karnataka, May 9 (UNI) Visveshvaraya Grameena Bank, sponsored by public sector Vijaya Bank, has posted a net profit of Rs three crore in 2005-06, as against Rs 2.31 crore in the previous year.
Bank Chairman D H Giridhar Shetty told reporters here today that the bank's deposits had reached Rs 90.07 crore at the end of the fiscal, compared to Rs 74.57 crore in the previous year, registering a growth of 20.78 per cent. Advances grew 23.27 per cent to Rs 88.28 crore from Rs 71.61 crore, he added.
He said the gross NPA of the bank declined from 5.5 per cent to 3.55 per cent. Loans and advances to the tune of Rs 59.89 crore were disbursed during the financial year. Lending to agricultural sector was enhanced in line with the Union Government's guidelines and the disbursement was doubled within two years.
The bank had targetted to register a net profit of Rs 3.24 crore and increase the total business from Rs 178.35 crore to Rs 217.50 crore in 2006-07. It also aimed at reducing the NPA from 3.55 per cent to 2.74 per cent.
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