APG Bank has planned to clock business of Rs 10,300 crores this fiscal

By | August 14, 2011

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.

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About Pradeep Yuvaraj

Pradeep Yuvaraj is a Co-Founder and Director at Finerva Financial Solutions Private Limited, a financial education company focused on personal finance education. He has penned over 250 articles relating to Personal Finance and clocked over 500 hours of educating individuals on managing personal finance. He is a serial entrepreneur and has been associated with 7 Start-ups. His entrepreneurial experience spans industries as varied as Education, Gas Engineering, Automobile Design, Software development and more recently a Pure play presentation design company. Prior to turning entrepreneur in 2005, he has worked for 3 of the top ten companies of the world - Shell, ExxonMobil and Total SA. This experience included handling Branch Operations, Channel Sales and Business Development across 5 states over a period of 8 years. He holds an MBA from Symbiosis and an Electronics Engineering Degree from the University of Pune.

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