SMG Bank's fresh plans for expansion

Kozhikode, May 22 (UNI) Rural banking major South Malabar Gramin Bank (SMGB) posted net profit of Rs 17.04 crore and registered total business of Rs 2613 crore at 20 per cent growth rate in 2005-O6.

Speaking to newspersons here, Thomas Mathew, Chairman, said the bank had posted net profit of Rs 19.16 crore during 2004-05, but it came down by Rs 2.14 crore due to slashing of interest rates.

He said SMGB's total deposits stood at Rs 1236 crore and advances at Rs 1377 crore with Canara Bank's sponsorship, making it a premier one among the rural and regional banks of the country.

He said the Cumulative Deposit (CD) of the bank stood at 112 per cent, as against the the average of 66 per cent. This was the highest CD ratio among similar institutions in the State.

Mr Mathew said the bank had detailed plans for expansion and soon it would extend its operations by adding 15 more branches in Thiruvanthapuram and Idukki districts.

It would open around 25 ATMs giving priority to rural areas and computerisation of all the branches would be carried out to provide core banking facility.

Right now the bank had 216 branches in Malappuram, Kozhikode, Wayanad, Palakkad, Thrissur and Pathanamthitta districts.

The Chairman said the bank targeted total business of Rs 3400 crore with Rs 1550 crore as desposits and Rs 1850 crore as advances through various schemes.

UNI PCH AJ 1830