RRB net profit up by 21%

Malaprabha Grameena Bank, a leading regional rural bank has registered a net profit of Rs 19.53 crore for the half- year ending September 2004.

Chairman of the bank B S Surendra on Monday said the net increase in the profit was Rs 3.41 crore. The net profit for the period last year was Rs 16.12 crore.

Surendra said the bank achieved a growth of 21.15 per cent. The total business of the bank has crossed Rs 1711 crore showing an increase by Rs 279 crores in the first half of 2003-2004. He said the total deposit of the bank stood at Rs 890 crores while the advance was to the tune of Rs 821 crores.

The M G Bank has shown a remarkable increase in disbursement of loans during the first half of the year 2003-2004 with Rs 230 crores being disbursed.

The advances for the same period last year was Rs 147 crore. The chairman said the advances were made under various schemes tailor made to suit the requirements of borrowers.

Catering to the districts of Dharwad, Gadag, Haveri and Belgaum the bank has distributed 34921 Kisan cards as against the target of 17,500 and an amount of Rs 107 crore. It has also succeeded in linking 5394 Self-Help Groups (SHGs) as against Nabard's annual target of 2950 and disbursed an amount of Rs 9.68 crore.

Surendra said the bank's credit to priority sector was as high as 74 per cent.