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Our Bureau

Kochi , July 22

SOUTH Malabar Gramin Bank (SMGB), a regional rural bank with operations in Kerala, today said its total business in 2004-05 grew 20 per cent to Rs 2,185 crore over the previous fiscal.

Net profit of the bank stood at Rs 19.20 crore after making all statutory provisions and payment of salary arrears of Rs 2.40 crore, the SMGB said in a statement here. Total deposit during the year was Rs 1,045 crore, while advances stood at Rs 1,140 crore, SMGB said. "The bank continues to be the largest among rural regional banks in India," the bank said.

Deposits increased by Rs 137 crore and advances by Rs 228 crore during the fiscal. Level of the gross non-performing assets (NPA) was brought down to 3.9 per cent from 5.7 per cent a year ago.

In the current financial year, SMGB hopes to increase its total business to Rs 2,600 crore. Deposits would rise to Rs 1,200 crore while advances would be enhanced to Rs 1,400 crore from previous year.

The bank also plans to open six more branches in Pathanamthitta districts and two more in Thrissur. It will also extend the operations to Thiruvananthapuram and Idukki.

SMGB also plans to disburse Rs 823 crore during the year for agriculture and allied purposes, the statement said.

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SMGB posts Rs 19-cr profit

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