Andhra Pradesh: Chaitanya Godavari Grameena Bank makes a profit of 14.50%

Chaitanya Godavari Grameena Bank, a regional rural bank sponsored by Union Bank of India, achieved a growth rate of 14.50% in total bank business in the financial year 2021-2022, reporting activity total of ₹14,680 crore in March December 31, 2022, said the bank’s chairman, T. Kameswara Rao. Growth rates for deposits and advances were 11% and 18% respectively.

Mr Rao said the bank had performed exceptionally well during the year and posted a net profit after tax of ₹162 crore. The bank’s audited financial statements were approved by the board on April 28.

Deposits increased from ₹6,540 crore to ₹ 7,28 7 crore and advances increased by ₹6, 277 crore to ₹7,393 crore during the financial year ending 31 March 2022.

The bank reported gross NPAs of ₹6 7.21 crore and net NPA at zero as of March 31, 2022. The bank’s CRAR increased to 13.68% and the bank’s net worth increased to ₹768 crore.

The president said the bank disbursed ₹6,398 crore in the category of priority sector loans in the financial year ending March 2022, of which ₹4,622 crore was short-term agricultural loans and ₹1,572 crore was for self-help groups.

The bank financed 17,797 sharecroppers with a credit outflow of ₹107.55 crore in the said year.

The bank proposes to further expand its branch network in the current fiscal year 2022-23 by opening 20 new branches and 10 new ATMs.

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