Gold loan glitter for AP Grameena Vikas Bank in FY21
The Hindu
Gold loan segment during the fiscal nearly doubled to ₹1,876 crore from ₹953 crore in FY-20
Regional rural bank Andhra Pradesh Grameena Vikas Bank (APGVB) has reported a 63.53% increase in net profit at ₹1,009 crore for the financial year ended March 31 on the back of a robust growth in gold loan business. Gold loan segment during the fiscal nearly doubled to ₹1,876 crore from ₹953 crore in FY-20, Chairman K. Praveen Kumar said in a release on the results approved by the bank’s board on Friday. Sources said with almost 65% of its branches in rural areas, APGVB was well positioned to cater to the higher demand for gold loan witnessed amid the pandemic and its impact on household finances, especially on account of the cost of COVID-19 treatment. Drop in income or loss of livelihood made matters worse for many, forcing them to turn to gold loan.More Related News