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Netravati Grameena business up 38.6 pc

MANGALORE: Netravati Grameena Bank, sponsored by Syndicate Bank, has registered a 38.6 per cent increase in total business during the year 1999-2000 to achieve a total turnover of Rs. 62.73 crores. The bank has also earned a profit of Rs. 50.25 lakhs dur ing this period and hopes to increase its profit to Rs. 1.12 crores during 2000-2001.

According to a statement issued by the bank's Chairman, Mr. N. Jagatpal, deposits reached a total of Rs. 34.30 crores and net loans and advances Rs. 28.42 crores. Of this, loans accounted for Rs. 18.92 crores -- Rs. 14.01 for the priority sector.

Netravati Bank, which has 22 branches in the Udupi and Dakshinna Kannada districts of Karnataka, has also signed a memorandum of understanding with Syndicate Bank regarding the targets to be achieved by March 2001. The targets include increasing deposits to Rs. 43 crores, net loans to Rs. 38.50 crores (Rs. 27.50 crores for the priority sector), a credit-deposit ratio of 89.53 per cent, and computerisation of two of its branches. -- Our Bureau