KVGB achieves 20 per cent growth

Dharwad, Apr 4 (UNI) Karnataka Vikas Grameen Bank (KVGB) has recorded a growth of 20 per cent for the 2006-07 by achieving a business level of Rs 4399 crore and a profit of Rs 103.52 crore.

Addressing a press conference here today, KVGB Chairman M Dhananjay said the deposits grew by 16 per cent at Rs.2230 crore, while advances grew by 24 pr cent to reach Rs 2169 crore.

He said KVGB a subsidiary of public sector Syndicate bank, in the nine districts, which formed bank's area of operation, the bank has disbursed Rs.1100 crore advances of which Rs.646 crore was for agriculture. The bank has recorded a recovery of 73.5 per cent and the NPA of the bank stood at 4.14 per cent to the total outsanding advance. The net NPA was at 1.84 per cent, he said.

KVGB had plans to open ten new branches during the year for which it had already got license from the Reserve Bank of India.

"For the current fiscal, we have set a deposit target of Rs. 2700 crore and advances of Rs 2600 crore, thus taking the total business to Rs.5300 crore. Bank also plans to disburse Rs 1350 crore under various schemes", he added.

UNI