Chaitanya Godavari Grameena Bank, a regional rural bank sponsored by Union Bank of India, has achieved a growth rate of 14.50% in the total business of the bank during the financial year 2021-2022, netting a total business of ₹14,680 crore as on March 31, 2022, bank chairman T. Kameswara Rao has said. The growth rates of deposits and advances were 11% and 18% respectively.
Mr. Rao said the bank had shown stupendous performance during the year and posted a net profit after tax of ₹162 crore. The bank’s audited financials were approved by the Board of Directors on April 28.
The deposits increased from ₹6,540 crore to ₹ 7,28 7 crore and advances increased from ₹6, 277 crore to ₹7,393 crore during the year ended March 31, 2022.
The bank reported gross NPAs of ₹6 7.21 crore and Net NPAs as nil as on March 31, 2022. The CRAR of the bank increased to 13.68% and net worth of the bank increased to ₹768 crore.
The chairman said that the bank disbursed ₹6,398 crore under priority sector loans category during the financial year ended March 2022 out of which ₹4,622 crore were under short term agriculture loans and ₹ 1,572 crore were to self-help groups.
The bank financed 17,797 tenant farmers with a credit outflow of ₹107.55 crore during the said year.
The bank proposes to expand further its branch network during the current year FY2022-23 by opening 20 new branches and 10 new ATMs.
