SCDCC bank achieves record-breaking net profit of Rs.79.09 Crore in 2023-24

SCDCC bank achieves record-breaking net profit of Rs.79.09 Crore in 2023-24

Mangalore Today News Network

Mangaluru, April 05, 2024: The South Canara District Central Cooperative (SCDCC) Bank has announced a remarkable net profit of ₹79.09 crore for the fiscal year 2023-24, marking a significant 29.04% increase from the previous year’s net profit of ₹61.29 crore.

Mr. M.N. Rajendra Kumar, the president of the bank, proudly declared that this net profit is the highest ever recorded in the bank’s history spanning over a century. Additionally, the bank’s gross business reached ₹15,540.8 crore, reflecting a noteworthy 14.88% surge compared to the previous fiscal year’s gross business of ₹13,514.51 crore, setting another new record. Mr. Kumar also disclosed the bank’s ambitious target of achieving a total business of ₹18,000 crore for the fiscal year 2024-25.

Despite the absence of deposits from government departments, Mr. Kumar highlighted the bank’s leading position in deposit collection. With its extensive network of 113 branches across Dakshina Kannada and Udupi districts, the bank amassed deposits totaling ₹7,221.37 crore in 2023-24, marking a commendable 13.33% growth. Notably, the bank’s advances towards the agricultural and non-agricultural sectors amounted to ₹2,69.27 crore and ₹4,315.85 crore, respectively, with a total outstanding loan portfolio of Rs.8,319.43 crore. Mr. Kumar proudly stated that the bank achieved a remarkable 100% loan recovery rate for the year, maintaining this achievement for the past 29 years.

Furthermore, Mr. Kumar revealed that the bank boasts a membership of 1,072 cooperative societies with a share capital of ₹403.59 crore. The bank’s working capital surged to ₹11,379.23 crore, demonstrating a substantial 14.59% growth over the previous fiscal year. In addition, the bank distributed Rupay Kissan Cards to 1.37 lakh farmers holding Mangala Kissan Credit Card accounts in Primary Agriculture Credit Cooperative Societies, along with issuing 80,668 Rupay Debit cards to other customers.

Looking ahead, Mr. Kumar outlined the bank’s forthcoming initiatives, including the introduction of the Inter-Bank Mobile Payment System scheme (IMPS), Internet Banking, Bharat Bill Payment System, and the expansion plan involving the opening of 10 new branches in the current financial year.

The event was attended by Bank Vice-President Vinay Kumar Surinje, CEO K. Gopalakrishna Bhat, and directors.