APGB transacts Rs.13,262 cr. business

Andhra Pragathi Grameena Bank transacted total business to the tune of Rs. 13,262 crore in 2013-14, with a quantum jump of Rs. 1,501 crore over the corresponding year.

Releasing the bank’s financial results as on March 31 this year in the bank's head office on Monday, bank chairman D. Sampath Kumar Chary said APGB having a wide network of 450 branches with core banking solutions in five districts – Kadapa, Anantapur, Kurnool, Nellore and Prakasam – earned a net profit of Rs. 160.37 crore. It achieved a deposit level of Rs. 5,948 crore with a quantum increase of Rs. 947 crore over the previous year with a year-to-year growth rate of 18.93 per cent, Mr. Chary said.

Its outstanding advances reached Rs. 7,314 crore mark, with a jump of Rs. 554 crore over the previous year.

APGB achieved a credit-deposit ratio of 123 per cent. It’s non-performing assets stood at 2.2 per cent, which was lower than all other banks.

The bank laid greater emphasis on priority sector lending which touched Rs. 6,071crore mark, accounting for 83 per cent as against the mandatory level of 60 per cent, the chairman said. It was offering highest interest rate of 10 per cent per annum on deposits of senior citizens, he said.

Its gross advances to the agriculture sector reached Rs. 5,688 crore, constituting 77.7 per cent of gross advances, as against the mandatory level of 18 per cent stipulated by the Reserve Bank of India.

The bank launched the first batch RuPay Debit and RuPay kisan cards on March 22 and would issue the cards to over 15,000 customers within a month. It financed 2,112 joint liability groups covering 10,562 members with Rs. 32.20 crore.

It introduced SMS alert facility to its savings bank customers. Interest-free loans benefited 2.96 lakh farmers with interest benefit of Rs. 45.07 per cent. Under the Government's revival, restructure and reform (RRR) package, weavers were extended interest subsidy and margin to the tune of Rs. 6.37 crore. “Pragathi Dhana Varsha – 555 days”, a new deposit product, mobilised about Rs. 230 crore between March 1 and 31 this year, Mr. Chary stated.

The bank chalked out an action plan to achieve a business of Rs. 15,350 crore with Rs.7,150 crore deposits and Rs. 8,200 crore advances in 2014-15, the chairman said. It would launch a ‘gruha mela’ to promote housing loans and loan portfolios for micro, small and medium enterprises (MSME). APGB Regional Manager Sivasankar Reddy, General Manager Gopikrishna, Chief Vigilance Officer Ramachandra Reddy, and Chief Managers S.V. Ramasubba Rao and P. Obaiah participated.