SCDCC bank registers Rs 61.38 cr profit

PTI, Apr 3, 2023, 5:40 PM IST

Mangaluru: The South Canara district central co-operative (SCDCC) bank has registered a profit of Rs 61.38 crore in the financial year 2022-23, creating an all-time record in its history.

Addressing a press conference here on Monday, the bank’s President Rajendra Kumar said it is a proud achievement of the bank, which has been offering the best services to urban and rural communities through its 111 branches. The profit of Rs 61.38 crore in the last fiscal shows a 21.57 percent growth compared to the previous year. The total turnover of the bank last year stood at Rs 13,512 crore, which Rs 16.40 crore more than the previous fiscal.

He noted that the SCDCC bank has fixed a target of Rs 15,000 crore turnover for the financial year 2023-24. Without any deposit of union or state governments, the bank has collected a deposit of Rs 6,368.50 crore last year, which is the highest among all district cooperative banks in Karnataka.

Kumar said Rs 1681.46 crore was disbursed as short term loan and Rs 150.20 crore as medium term loan for the agricultural development. The total loans distributed in the agriculture sector stood at Rs 1831.66 crore, while Rs 3,963.89 crore was given as non-agricultural loans.

The bank has provided Rupay Kisan cards to farmers who have Mangala Kisan Credit Card in primary agricultural cooperative associations that function in Dakshina Kannada and Udupi districts. The bank plans to open 15 new branches next financial year.