APGB earns 261cr net profit in H1 of FY22

Hyderabad: Andhra Pragathi Grameena Bank (APGB) has earned net profit of Rs 261.31 crore and it has achieved a business of Rs 37,546 crore during the first half of the financial year 2021-22. The capital to risk (weighted) assets ratio (CRAR) of the bank is 20.44 per cent as against the statutory requirement of 9 per cent and its net non-performing assets (NPA) stood at zero.

Announcing the financial results, Rakesh Kashyap, Chairman of APGB, said: "The bank is having net worth of Rs 3038.52 crore by the end of H1 FY 22. It has a wide network of 552 branches spread over five districts – Anantapuramu, YSR Kadapa, Kurnool, SPSR Nellore and Prakasam. Also, eight regional offices were set up for administrative convenience." The bank achieved a deposit Level of Rs 18,192 crore by the end of H1 FY 22, with a quantum increase of Rs 463 crore over the previous year registering a growth rate of 2.61 per cent year-on-year. Low cost deposits constitute 34 per cent of total deposits. The outstanding advances of the bank increased 17 per cent at Rs 19,354 crore by the end of H1 FY 22.

Further, the chairman has emphasised that bank will be aiming to scale new heights in terms of digitisation, recovery and credit dispensation to improve profitability of the bank. General Managers B S A P Rao, M Jagadeeshwara Rao and K Vijaya Bhaskar along with Chief Manager M Raghuram presided the event.