Kanakamahalakshmi co-operative bank (KCB) registered over 2-fold increase in new deposits during the fiscal ended 2012-13 to Rs 51.88 crore as against Rs 21 crore in the fiscal 2011-12.
It added three branches apart from introducing a new deposit scheme, said Raghunadha Rao, chairman, KCB, citing reasons for the growth in deposits.
The Visakhapatnam-based bank posted 51 per cent growth in advances during FY13 compared with the previous year. Net profit stood at Rs 1.93 crore as against Rs 1.23 crore. It paid a dividend of 15 per to its shareholders. Total deposits stood at Rs 167.78 crore by March 2013, while advances increased to Rs 124 crore.
"During this financial year, we will add three more branches. We also have plans to increase our banking network in the entire state, including Hyderabad," he said.
By month-end, the bank will set up its first ATM at its main branch and two more would be set up during this financial year. "All of our nine branches are linked with core banking solutions," he stated.
