Telangana Grameena Bank has posted a nearly 27% increase in net profit and an over 10% growth in total business for the financial year ended March 31.
While net profit rose to ₹ 373.16 crore as against ₹ 293.96 crore registered in 2020-21, total business increased to ₹ 22,312.66 crore (₹ 20,212.91 crore), the bank said on Tuesday. The growth came on the back of a double digit increase in advances as well as gold and home loans. Deposits increased more than 9.21% to ₹ 11,039.79 crore.
The net interest margin improved 0.52% to 4.58%, while cost of funds and deposits was lower. Provision coverage ratio of the regional rural bank stood at 100% as against the MoU target of 70%.
The bank is focused on priority sector lending, particularly to improve agricultural production, empowerment of women and promoting self-employment/ retail trading, (through MSE and MUDRA loans) in rural and semi-urban areas. Priority sector lending accounts for 81.30% of its total advances, Chairman V. Arvind said in a release. The bank is also into education and vehicle loans.
Telangana Grameena Bank has a network of 426 branches across the five erstwhile districts of Adilabad, Karimnagar, Nizamabad, Rangareddy and Hyderabad (18 reorganised districts) and a customer base of 39 lakh.
