SCDCC Bank earns record Rs 61.38 crore profit: MN Rajendra Kumar

SCDCC Bank earns record Rs 61.38 crore profit: MN Rajendra Kumar

Mangalore Today News Network

Mangaluru, Apr 04, 2023: The South Canara District Central Co-operative Bank  has earned a record profit of Rs 61.38 crore for the financial year ending March 2023. This is an all-time record in the 109 history of the bank, informed M N Rajendra Kumar, Chairman of the bank.

He was speaking to reporters at the Bank auditorium on April 3, Monday.

He said the Bank has earned the Rs 61.38 crore profit through its 111 branches and added that this was 21.57% high when compared to the profits of last year which stood at Rs 50.49 crores. He said the total business of the bank during the year ending March  2023 stood at Rs 13,512 crores which too is a record. This is 16.40% higher when compared to the business of the previous year. The bank has a target of recording a  business of Rs 15,000 crore during the next financial year, he added.

The bank has  collected a deposits of Rs 6,368.50 crores during the year ending March 2023, he said adding  this was 12.59 higher when compared to the previous years. The Bank has provided short term agricultural loans to the tune of Rs 1,681.46 crores, medium term loans to the tune of Rs 150.20 crores and thus has in all provided Rs 1,831.66 crore loans to the agricultural sector. The  non-agricultural loans amounted to Rs 5,695.55 crores, he said.

He said the bank has registered  100 percent progress in recovery of agricultural loans  which is a record achievement since the past 28 years.

The Bank has secured Apex Bank Award 20 times and NABARD award 18 times and is also the recipient of Blue Ribbon Award two times, Rajendra Kumar informed.

He said during the present financial year the Bank plans to open 15 new branches and added that permission has been granted to open branches at Maani and Bengre.