NMGB has achieved Rs.5000 crore Business

By | September 29, 2011

A recent press report said that North Malabar Gramin Bank’s total business has exceeded Rs. 5000 crore. Mr. V.K Saigal, chairman of NMGB said that the bank’s deposits have increased by 13 percent to Rs.2326 crore. Currently the net profit of the bank is Rs.12 crore but the target amount was actually Rs.18 crore for the whole year. The bank had planned to achieve a net profit of Rs.18 crore and a total business of 5800 crore this year. The bank’s NRI deposits were Rs.81 crore which was less than the previous year.

Reports also said that in spite of the decrease in NRI Deposits the bank is expecting a growth in the next year through its wider access of online facilities and the bank’s branches that are under the core banking area.

As a grade, the NPA of the bank had decreased to 1.38 percent from 2.02 percent at the end of second quarter. The bank’s priority sector lending was estimated as 60% but out of total lending it has gained 85 percent more. The lending portfolio of the bank includes home loan, personal loans, vehicle loan, agricultural loans etc. The bank has planned to expand its network. At present the bank has 186 branches and four other outlets over seven districts in the state, in the forthcoming days it has planned to open 25 more branches including additional ATM outlets .

All information including news articles and blogs published on this website are strictly for general information purpose only. BankBazaar does not provide any warranty about the authenticity and accuracy of such information. BankBazaar will not be held responsible for any loss and/or damage that arises or is incurred by use of such information. Rates and offers as may be applicable at the time of applying for a product may vary from that mentioned above. Please visit www.bankbazaar.com for the latest rates/offers.
Category: Articles Glossary Tags: , ,

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.

Leave a Reply

Your email address will not be published. Required fields are marked *