Andhra Pragathi Grameena Bank (APGB), having operations at 552 branches in Andhra Pradesh, has announced a net profit of ₹286.07 crore for the financial year 2020-21. Addressing mediapersons on the key highlights for the financial year ending Mar 31 here on Friday, the bank’s chairman Rakesh Kashyap said the business had grown by 16.16% (year on year) to touch ₹36,639 crore from ₹31,543 crore netted for the previous year.
The total deposits improved by 14.12% from ₹16,150.71 crore to ₹18,431.12 crore, while advances shot up by 18.3% from ₹15,392.3 crore to ₹18,203.36 crore.
Signifying an improvement in the quality of assets, Mr. Kashyap said that the Gross Non Performing Assets (GNPA) fell from 1.67% to 1.53% by March 2020. Laying emphasis on future growth, the bank has set an ambitious business target of ₹41,300 crore by 31 March 2022. Similarly, the bank intends to ensure that CASA deposits, a cheaper source of funds, formed 40% of the total deposits by the end of the current year. “We lay focus on mobilisation of small savings, savings accounts, recurring deposits, besides improving the MSME and housing loan portfolio”, Mr. Kashyap announced.
In tune with the Union government’s objective, the rural bank plans to enrol maximum beneficiaries under social security schemes like Pradhan Mantri Jeevan Jyoti Beema Yojana, Pradhan Mantri Suraksha Beema Yojana and Atal Pension Yojana to pass the benefit to the unorganised economic groups.
General Managers Ch. Venkateswarlu, B.S.A.P. Rao, M. Jagadeeswara Rao, K. Vijayabhaskar, Chief Managers M. Raghuram, T. Mohan Reddy and other officials were present.
