Apcob net up over two-fold
Andhra Pradesh State Co-operative Bank Limited (Apcob) registered over two-fold increase in net profit to Rs 137 crore for the financial year 2009-10, as against Rs 60 crore last year.
Deposits during the year stood at Rs 3,566 crore while advances were at Rs 4,364 crore.
Apcob president Yadavalli Vijayender Reddy said the bank was targeting a three per cent share or Rs 30,000 crore of the AP banking market by 2015. “We are targeting this growth with our fully computerised 565 branches and 2,748 primary agricultural cooperative societies (PACs).”
In the first phase, the bank has degitised 520 PACs, and the total computerisation will be completed in the next two phases by December 2011, Reddy added.
The bank disbursed the highest crop loan of Rs 4.057 crore during last fiscal and is targeting a crop loan of Rs 5,350 crore during the current financial year.
It has declared a 10 per cent dividend amounting to Rs 19.671 crore for 2009-10.