Kerala’s Gramin Bank reports record profit

April 15th, 2008 - 10:28 pm ICT by admin  

Kozhikode, April 15 (IANS) The South Malabar Gramin Bank (SMGB), which operates 225 branches in eight districts of Kerala, reported a record profit of Rs.289.1 million for the last financial year (2007-2008). This is 92 percent more than the previous year’s Rs.150.5 million profit. Addressing a press conference here, bank chairman N.S. Bose said total business registered more than 25 percent growth in the last fiscal.

It touched Rs.39.33 billion compared to Rs.31.44 billion in 2006-2007, he said. The bank has around 2.5 million customers.

He said under the farm loan waiver announced in the central government budget this year, SMGB would have to waive loans worth around Rs.2 billion.

“We are yet to receive the guidelines regarding the loan waiver from the central government or the Reserve Bank of India. A clear picture will emerge after the guidelines are issued,” he added.

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