Visakhapatnam Cooperative Bank (VCB) posted a 25 per cent growth in deposit mobilisation in the first half of the current financial year, as compared with the corresponding period last year.
New deposits stood at Rs 209 crore in H1 as against Rs 167 crore in the same period last year.
"The bank has set a growth target of 35-40 per cent in the current fiscal but due to the Samaikhyandhra agitations our business was affected in the first half. We are, however, confident of achieving our goals by launching an aggressive deposit mobilisation campaign and opening new branches," said Raghavendra Rao, chairman, VCB.
The agitations had hit advances too in the first half and the bank could sanction only Rs 97 crore, as against its yearly target of Rs 345 crore. Of the total advances, more than 60 per cent was gold mortgage loans as fluctuations in gold rates affected its gold loan portfolio.
New deposits stood at Rs 209 crore in H1 as against Rs 167 crore in the same period last year.
"The bank has set a growth target of 35-40 per cent in the current fiscal but due to the Samaikhyandhra agitations our business was affected in the first half. We are, however, confident of achieving our goals by launching an aggressive deposit mobilisation campaign and opening new branches," said Raghavendra Rao, chairman, VCB.
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This year, the bank is targeting to mobilise Rs 461 crore new deposits.
The agitations had hit advances too in the first half and the bank could sanction only Rs 97 crore, as against its yearly target of Rs 345 crore. Of the total advances, more than 60 per cent was gold mortgage loans as fluctuations in gold rates affected its gold loan portfolio.