Chaitanya Godavari Grameena Bank, a regional rural bank sponsored by Union Bank of India, reported net income of 101 billion yen in fiscal year 2020-21.
The bank’s audited financial figures were approved by the Board of Directors on June 5, 2021.
“The bank achieved a growth rate of 23% as of March 31, 2021 with total business of 12.817 billion yen. Deposits rose from 5.380 billion yen to 6.540 billion yen and advances rose from 5.037 billion yen to 6.277 billion yen, “said the chairman of the bank, T. Kameswara Rao.
The bank reported gross NPAs of 68.69 billion and the gross NPA ratio was 1.09%.
CGB has 222 branches in East and West Godavari districts. The bank had 59 ATMs and 239 business correspondents. The bank is proposing to expand its branch network this year by opening 13 new branches, said Rao.