₹124.89 crore profit for KVG Bank

Karnataka Vikas Grameena Bank (KVGB) has registered an operating profit of ₹124.89 crore apart from registering a growth of ₹1,549 crore over the last financial year.Chairman of KVG Bank P. Gopikrishn

Karnataka Vikas Grameena Bank (KVGB) has registered an operating profit of ₹124.89 crore apart from registering a growth of ₹1,549 crore over the last financial year. Chairman of KVG Bank P. Gopikrishna said here on Monday that it has emerged stronger with its focus on rural development, agriculture, MSME and digitalisation initiatives and reached a business level of ₹27,818.00 crore. Mr. Gopikrishna said that the gross income of the regional rural bank had increased from ₹1,492.84 crore to ₹1,589.53 crore. During the current fiscal, the total expenditure had come down to ₹1,583.03 crore as against ₹2,097.80 crore during the last fiscal. “After making a provision for ₹118.39 crore towards tax and other expenditure, the bank has shown a net profit of ₹6.50 crore. The bank’s net worth has now risen to ₹1,192.62 crore,” he said.