Vananchal Gramiun Bank posts record profit in 2011-12

The Vananchal Gramin Bank in Jharkhand has made a record profit of Rs 16.21 crore in the financial year 2011-12 among the regional rural banks in the country.

The bank which has nearly 195 branches with core banking facilities spread over six districts of Santal Pargana and three districts of Palamau, recently presented its balance sheet in its annual meeting in Dumka. The bank claimed that it has made “ significant achievements” in various categories.

According to chairman of the bank, Basant Kumar Mishra, Vananchal Gramin Bank recorded 8.18 per cent growth in deposits and a 20.89 per cent growth in advance loans disbursement.

He said that the bank also managed to contribute to its annual profit by way of commission by cross-selling business under SBI Life, amounting to Rs 68.70 lakh.

Mishra said that Vananchal Gramin Bank was the first among its 22 regional counterparts sponsored by the State Bank of India to have realized such a huge amount through cross selling.

He said that the bank’s profit from miscellaneous incomes amounted to Rs 9.69 crore that also helped the bank in achieving a growth rate of 99.5 per cent.

The bank had been able to recover close to Rs 3.76 crore it had written-off, which in turn boosted annual profits.

According to the balance sheet, the annual credit plan of the bank touched to Rs 389 crore that enabled the bank to achieve a 100 per cent growth target.

The chairman said that Vananchal Gramin Bank also ranked high in priority sector loan disbursement in the state, that included loans in the agriculture sector, advances to women, minorities and other weaker sections.

The DGM of SBI, Bhagalpur zone, V K Sharma, AGM, SBI, Dumka, Kausik Sinha and AGM, Nabard, N K Poddar also attended the board meeting of the Vananchal Gramin Bank.