Apex Bank posts record net profit

Bangalore, Sept 9: The Karnataka Cooperative Apex Bank has achieved a record net profit of Rs 27.27 crore for 2005-06 as against Rs 5.96 crore earned during the corresponding period the previous year.

Talking to reporters at the 81st Annual General Body meeting here today, Bank President M N Rajendrakumar said the bank had mobilised deposits to the tune of Rs 2,265 crore and enhanced its working capital to Rs 3,775 crore during the period.

He said the bank aimed at increasing its funds to Rs 257 crore from Rs 242 crore during the financial year 2006-07 and expected a gross profit of not less than Rs 4500 lakh.

Mr Rajendrakumar said the Apex Bank, a premier financial body, which was financing agriculture and allied activities, had planned to open some more branches in the city. It already had 31 branches in the city.

He said the bank had so far released a loan of Rs 138 crore to sugar cooperatives during the current financial year.

UNI