Visakhapatnam Cooperative Bank (VCB) posted a 25 per cent growth in deposit mobilisation in the first half of the current financial year, as compared with the corresponding period last year.
New deposits stood at Rs 209 crore in H1 as against Rs 167 crore in the same period last year.
"The bank has set a growth target of 35-40 per cent in the current fiscal but due to the Samaikhyandhra agitations our business was affected in the first half. We are, however, confident of achieving our goals by launching an aggressive deposit mobilisation campaign and opening new branches," said Raghavendra Rao, chairman, VCB.
This year, the bank is targeting to mobilise Rs 461 crore new deposits.
The agitations had hit advances too in the first half and the bank could sanction only Rs 97 crore, as against its yearly target of Rs 345 crore. Of the total advances, more than 60 per cent was gold mortgage loans as fluctuations in gold rates affected its gold loan portfolio.
New deposits stood at Rs 209 crore in H1 as against Rs 167 crore in the same period last year.
"The bank has set a growth target of 35-40 per cent in the current fiscal but due to the Samaikhyandhra agitations our business was affected in the first half. We are, however, confident of achieving our goals by launching an aggressive deposit mobilisation campaign and opening new branches," said Raghavendra Rao, chairman, VCB.
This year, the bank is targeting to mobilise Rs 461 crore new deposits.
The agitations had hit advances too in the first half and the bank could sanction only Rs 97 crore, as against its yearly target of Rs 345 crore. Of the total advances, more than 60 per cent was gold mortgage loans as fluctuations in gold rates affected its gold loan portfolio.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%