Andhra Pragathi Grameena Bank (APGB), which operates in 552 branches in Andhra Pradesh, announced net income of 286.07 billion yen for the 2020-21 fiscal year. The bank’s chief executive, Rakesh Kashyap, spoke to media representatives here on Friday about the key highlights of the fiscal year that ended March 31, and said the deal was up 16.16% year-over-year to $ 36,639 billion.
Total deposits improved 14.12% from 16,150.71 billion to 18,431.12 billion, while advances shot up 18.3% from 15,392.3 billion to 18,203.36 billion.
As a sign of an improvement in the quality of assets, Mr. Kashyap said that gross non-performing assets (GNPA) had decreased from 1.67% to 1.53% by March 2020. With a focus on future growth, the bank has an ambitious business target of 41,300 crore by March 31, 2022. Likewise, the bank aims to ensure that CASA deposits, a cheaper source of funding, account for 40% of total deposits by the end of the current year. “We are focusing on mobilizing small savings, savings accounts and recurring deposits as well as improving the MSME and home loan portfolio,” announced Mr. Kashyap.
In line with the goal of the Union government, the rural bank plans to enroll top beneficiaries in social security systems such as Pradhan Mantri Jeevan Jyoti Beema Yojana, Pradhan Mantri Suraksha Beema Yojana and Atal Pension Yojana in order to pass the benefit on to the non-organized business groups.
Directors Ch. Venkateswarlu, BSAP Rao, M. Jagadeeswara Rao, K. Vijayabhaskar, the Chief Managers M. Raghuram, T. Mohan Reddy and other officials were present.