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 .