FINANCIAL STATEMENTS OF 31-03-2011

PERFORMANCE HIGHLIGHTS :

• The bank has surpassed Rs 1,300 crores business and achieved total aggregate business of Rs.1333.89 crores for the year ended March 2011 registering year on year growth rate of 13.58%.

• The total average aggregate business increased by about Rs 192.84 crores during the year registering growth rate of 18.70%.

• The aggregate deposits increased by about Rs 92.82 crores from
  Rs. 830.04 crores to Rs.922.86 crores during the year registering a growth rate of 11.18%

• The average aggregate deposits increased by about Rs 141.90 crores registering a growth rate of 19.58%.

• The low cost deposits increased by about Rs 116.45 crores with a growth rate of 27.09%.

• The low cost deposits constitute 59.20% of the total deposits against 51.79% as on 31.03.2010.        

• The gross advances have increased to Rs. 411.03 crores during the year registering point to point growth rate of 19.37%. The Credit Deposit Ratio increased to 44.54% from 41.48% as on 31.03.2010.

• The operating profit of the bank is increased by 4.06% over the previous corresponding year from Rs 9.86 crores to 10.26 crores.

• The Net profit after tax is increased by 93% over the previous corresponding year from Rs 1.88 crores to Rs 3.64 crores.

• All the branches earned profit during 2010-11 except the one newly opened Branch i.e. Jagannathprasad. There are no accumulated losses and total reserves increased to Rs.21.90 crores as on 31^st March, 2010 .                                                    

• The Per Branch Business improved to Rs.16.47 crores as on 31.03.2011 from Rs.14.50 crores as on 31.03.2010 duly surpassing the norms laid down by Ministry of Finance, Govt of India.

• The Per Employee Business improved to Rs.4.10 crores as on 31.03.2011 from Rs.3.46 crores as on 31.03.2010 duly surpassing the norms laid down by Ministry of Finance, Govt of India.

• The Priority Sector advances stood at Rs.285.45 crores as on March 2011, constituting 69.45 % of total advances against the stipulated norm of 60%. 

• The Agriculture Advances stood at Rs.145.14 crores as on 31.3.2011 constituting   35.31% of the total advances, against the stipulated norm of 18%.

• The bank has so far issued 48039 Kisan Cards of which 1909 fresh cards are issued during the year. The amount of KCC advance stood at Rs.52.19 Crores as on March 2011.

 

• The Bank, which has pioneered the SHG movement in both the districts,  financed 3766 SHGs with a loan amount of Rs.24.75 crores during the year covering  21765 women. The outstanding SHG credit is Rs.38.94 Crores as on 31^st March 2011 .

 

• In order to augment the fee based income, the Bank has entered into tie up with India First Life Insurance Company Ltd for distribution of its life insurance products and also entered into corporate agency tie up with National Insurance Company for distribution of their general insurance products.

• The Bank has covered more than 1,80,000 households in service area, under Financial Inclusion and achieved 100% of the target in Ganjam District. The Bank is making substantial contribution in implementation of NREGA payments to the households in rural areas.

 

• The Bank has 6.39 lakhs clientele as on March 2011.

The capital adequacy ratio of the Bank is 11.08% against stipulated norm of 7%.