Andhra Pradesh Grameena Vikas Bank (APGVB) has posted a record 57.5 per cent growth in net profit at ₹352 crore in the year ended March 31, as against ₹222 crore in the year-ago period.

The increase in net profit was driven by 26. 3 per cent growth in net interest income, increase in CASA deposits which brought down cost of deposits, among others, V Narasi Reddy, Chairman, APGVB, told news persons at a press conference here on Thursday.

“This is the highest growth in net profit among the 56 Regional Rural Banks (RRBs) in the country,’’ he said. The net interest margin rose from 3.58 per cent to 3.86 per cent.

Deposits and advances grew 25.65 per cent and 16.66 per cent respectively while the total business grew 21 per cent to ₹25,187 crore.

“Our asset quality has improved as the net non-performing assets (NPAs) came down from 1.40 per cent to 0.72 per cent,’’ Reddy said.

Apart from its focus on agriculture, Warangal-based APGVB also plans to step up its business in MSME, including the Mudra loans, housing loans (both urban and rural) as well as two-wheeler loans during the present financial year. “Even in Self Help Group (SHG) lending, we will increasingly take up activity-based lending,’’ he added.

The bank has 768 branches this year and plans to open 45 new branches this year.

As part of its digital initiatives, it has recently introduced mobile banking app with instructions in both Telugu and English apart from Aadhaar-enabled payment system.