A recent press report said that Andhra Pragathi Grameena Bank has planned to clock business of Rs. 10,300 crore during this fiscal, with deposits of Rs 5,000 crore. Mr. K. Preetam Lal, Chairman of the bank said that the bank hopes to close this year with a net profit of Rs 150 crore.
According to reports the bank’s net profit for the first half of the fiscal stood at Rs 88.63 crore as on September 30, 2011. The bank has planned to add 35 more branches to its branch network of 390 branches and three extension counters across five districts in Andhra Pradesh — Anantapur, Kadapa, Kurnool, Nellore and Prakasam. The bank already has six branches and has now planned to open a branch at Nandyal shortly.
Reports said that the bank’s total business has crossed Rs. 9,092 crore as on September 30, 2011, with a year-on-year growth of 21.34 per cent. The bank’s deposits grew 13.87 per cent and its advances grew by 28.46 per cent. The priority sector advances of the bank have reached Rs. 4,477 crore, recording 28.46 per cent year-on-year growth.
Reports also said that the bank has fully migrated to core banking solutions (CBS), and the release added that facilities such as RTGS, NEFT, debit cards and ATM would be offered to customers soon. The bank is also involved in offering retail loans such as home loan, personal loans, car loans, education loans, gold loans, etc.