SCDCC Bank posts record net profit of ₹61.38 crore in 2022-23
The Hindu
The South Canara District Central Cooperative (SCDCC) Bank posted an all time high net profit of ₹61.38 crore for 2022-23 and registering 21.57% growth over last fiscal’s ₹50.49 crore net profit.
The South Canara District Central Cooperative (SCDCC) Bank posted an all time high net profit of ₹61.38 crore for 2022-23 and registering 21.57% growth over last fiscal’s ₹50.49 crore net profit.
Bank president M.N. Rajendra Kumar told reporters here on Monday, that SCDCC Bank has become the common man’s bank in the cooperative sector by introducing several innovative and unique services in urban as well as rural areas of Dakshina Kannada and Udupi districts.
During the year under report, the Bank has done ₹13,512 crore total business registering 16.4% growth over the previous fiscal. It set ₹15,000 total turnover target for 2023-24, he noted. Mr. Kumar noted that without there being any deposits from the government, the bank collected ₹6,368.5 crore deposits through its 111 branch network, registering 12.69% growth.
On the advances front too, the bank has done remarkably well by registering 19.92% growth with advances of ₹5,695.55 crore. Of the advances, ₹1,681.46 crore were lent for short term agricultural improvement, ₹150.2 crore towards medium term loans. Agriculture sector thus was provided a total of ₹1,831.66 crore loan. Non-agriculture sector was given ₹3,863.89 crore loan. Total outstanding amount stood at ₹7,143.38 crore.
Mr. Kumar noted that the bank has been registering 100% recovery of agriculture loans for 28 years, including the year under report. As many as 1,054 cooperative societies were members of SCDCC Bank with a share capital of ₹268.64 crore. The bank has ₹9,589.1 crore working capital, up by 13.73% compared to the previous fiscal (₹8,668.9 crore).
The president said the bank plans to open 15 new branches, open 13 ATMs in addition to existing three in all taluk headquarters, introduce Immediate Payment Service, launch Internet Banking service and introduce Bharat Bill Payment System in the current fiscal.
Vice President Vinay Kumar Soorinje and Directors were present.
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