Indore Bank?s business crosses Rs 30,000 crore | india | Hindustan Times
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Indore Bank?s business crosses Rs 30,000 crore

india Updated: Jul 25, 2006 15:43 IST
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THE STATE Bank of Indore’s overall business during the first quarter of 2006-2007 crossed the milestone of Rs 30,000 crore and attained a level of Rs 30,378.13 crore.

This was announced after the board of directors approved the results yesterday. The Bank’s total deposits increased from Rs 16,660.71 crore as on March 31 to Rs 18,2555.78 crore as on June 30, 2006 thereby clocking an increase of Rs 1,595.07 crore during the quarter.

This impressive growth in deposits is due to substantial growth under “C&I” and “P” segments. At the end of Q1, the bank had achieved 36.28 percent of the annual growth budget of Rs 3,900 crore.

After making all the necessary provisions as per statutory requirements, the net profit of the bank stood at Rs 10.34 crore.

At the end of the first quarter, the Bank’s advances attained a level of Rs 12,122.35 crore and the Bank’s agricultural advances recorded impressive growth during the quarter.

June-06 was observed as the farmer’s month and the agricultural advances of the Bank increased by Rs 191.69 crore during the quarter.

The Bank continued to aggressively market the Kisan Credit Cards (KCCs) and issued 14,199 KCCs during the quarter. The Bank also implemented the credit linked subsidy scheme for development/strengthening of agricultural marketing infrastructure at Krishi Upaj Mandi, Harda and many such proposals are on the anvil.

The Bank continued to surpass the different benchmarks under social lending. At the end of June 06, its priority sector advances, agriculture advances and advances to women beneficiaries constituted 42.39 percent, 19.77 percent, and 5.51 percent of its net bank credit as against the respective benchmarks of 40, 18, and 5 percent.