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Saptagiri Grameena Bank posts 48.39 cr net profit
Saptagiri Grameena Bank (SGB) Chairman B Suribabu said that his bank has earned a net profit of Rs 48.39 crore during the financial year 2015-16 while it has set a record in reducing non-performing assets to zero per cent. The bank has proposed to open another 11 branches in Chittoor and Krishna districts by the end of March 2016, he said.
Chittoor: Saptagiri Grameena Bank (SGB) Chairman B Suribabu said that his bank has earned a net profit of Rs 48.39 crore during the financial year 2015-16 while it has set a record in reducing non-performing assets to zero per cent. The bank has proposed to open another 11 branches in Chittoor and Krishna districts by the end of March 2016, he said.
Speaking to the media here on Monday, Suribabu said that the SGB is planning to open 120 branches in rural areas. He pointed out that the bank has disbursed Rs 3,418 crore as advance loan as against its outstanding deposits of Rs 3,567 crore in the district. He said that loans were disbursed despite the district is prone to drought and severalmandals were declared drought-hit.
He further said that the bank has issued crop loans to the tune of Rs 1,277 crore covering 2.01 lakh farmers during this financial year. Under the Mudra scheme, Suribabu said that the bank has disbursed Rs 552.5 crore as loans for 29,728 beneficiaries. “The SGB has issued 1,68,328 RuPay debit cards while 88,979 zero balance accounts were opened,” he added. The bank has appointed 281 business correspondents covering 503 villages for assisting villagers in banking operations like deposits and withdrawals.
With regard to Self Help Groups (SHGs), the SGB Chairman said Rs 555.1 crore funds were disbursed to SHGs for empowering women in rural areas. He stated that the bank has introduced a new scheme called ‘SGB Housing Loan Plus’ recently for the benefit of marginal and small farmers in rural areas. He said that the bank has proposed to construct its own head office near the Collectorate here at an estimated cost of Rs 2.5 crore. Chittoor Branch Senior Manager B Nageswara Rao, Development Manager Siva Kumar and other bank officials were present.
