Chaitanya Godavari Grameena Bank, a regional rural bank sponsored by Union Bank of India, has reported a net profit of ₹101 crore in the 2020-21 financial year.
The bank’s audited financials were approved by the Board of Directors on June 5, 2021.
“The bank achieved a growth rate of 23% with a total business of ₹12, 817 crore as on March 31, 2021. Deposits increased from ₹5,380 crore to ₹6,540 crore and advances increased from ₹5,037 crore to ₹6,277 crore,” said bank chairman T. Kameswara Rao.
The bank reported gross NPAs of ₹68.69 crore and the gross NPA ratio stood at 1.09%.
CGB has 222 branches in East and West Godavari districts. The bank had 59 ATMs and 239 business correspondents. The bank proposes to expand its branch network during the current year by opening 13 new branches, Mr. Rao said.
