Sarva Haryana Gramin Bank Earns Rs. 222 Crore Net Profit

Chandigarh, October 19 (TNA) Sarva Haryana Gramin Bank, a joint entity of Central Government, Punjab National Bank and the state having the largest branch network in the state with 680 branches, released its financial results for the half year ended September, 2023 this week at a press conference convened at its Head Office at Rohtak.

Highlighting the financial results of the bank, P.K. Mohanty, Chairman of the Bank stated that the Net profit of the Bank increased 2.5 times from Rs.88 crore of the half year ended September 2022 to Rs.222 crore of the half year ended September, 2023. And Bank’s total business increased by 13.63% YoY from Rs. 31169 crore as on 30.09.2022 to Rs. 35418 crore as on 30.09.2023. Bank’s total deposits reached to Rs.21514 crore and total advances Rs. 13904 crore.

Chairman also divulged that the Gross NPA of the Bank has decreased from 6.34% to 3.65% and the CRAR of the Bank has increased from 14.21% to 15.03%. Mohanty further informed that the Bank has fixed the target of total business of Rs. 40,000 crore for the year ending March 31, 2024 with total deposits of Rs. 24000 crore and advances of Rs.16000 crore. Bank’s focus will remain on increasing loans to MSME & retail sectors besides agriculture sector during the current financial year.

The bank has announced full waiver of upfront/processing fee and documentation charges on housing loans, car loans, loans against property, personal loans and MSME loans up to 31.12.2023 under Festival Bonanza offer to promote lending under MSME and retail sectors.