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Andhra Pradesh Grameena Vikas Bank posts record profit in FY17
Andhra Pradesh Grameena Vikas Bank has done it again. While the India’s banking sector has been reeling under burgeoning bad loans and taking a hit on bottom line, the Warangal-based rural bank posted a record net profit of Rs 351.99 crore during 2016-17, registering a steep up of 57.51 per cent from Rs 223.47 crore in the preceding fiscal.
Hyderabad: Andhra Pradesh Grameena Vikas Bank has done it again. While the India’s banking sector has been reeling under burgeoning bad loans and taking a hit on bottom line, the Warangal-based rural bank posted a record net profit of Rs 351.99 crore during 2016-17, registering a steep up of 57.51 per cent from Rs 223.47 crore in the preceding fiscal.
Moreover, the bank’s net non-performing assets (NPAs) were down to 0.72 per cent or Rs 87.57 crore from 1.40 per cent, or Rs 147.89 crore, a year ago. The gross NPAs declined to 1.69 per cent, or Rs 209.74 crore, from 2.38 per cent, or Rs 251.99 crore, in FY16. “We have posted a record net profit thanks to the initiatives taken by the bank. Our net profit will be highest among all the rural banks in the country,” V Narasi Reddy, Chairman, APGVB, told media here on Thursday.
The rural bank’s total business crossed Rs 25,000 crore for the first time and reached Rs 25,187.11 crore. Advances accounted for Rs 12,368.53 crore while deposits grew by 25.65 per cent to Rs 12,818.58 crore.
A collaborative venture of State Bank of India (SBI), the central government and erstwhile united Andhra Pradesh government, APGVB operates across five old districts of Warangal, Khammam, Nalgonda, Medak and Mahabubnagar in Telangana and three districts of Srikakulam, Vizianagaram and Visakhapatnam in Andhra Pradesh.
