M.N. Rajendra Kumar, president of SCSCC bank, speaking at a press conference in Mangaluru on Thursday.
| Photo Credit: H.S. MANJUNATH
The South Canara District Central Cooperative (SCDCC) Bank has posted a net profit of ₹79.09 crore for 2023-24, registering 29.04% growth over last financial year’s ₹61.29 crore net profit.
Bank president M.N. Rajendra Kumar on Thursday claimed that the ₹79.09 crore net profit was the highest ever earned by the bank in its over-a-century existence. The gross business of ₹15,540.8 crore was 14.88% more compared to 2022-23 gross business of ₹13,514.51 crore, again another record, he said. The bank has set ₹18,000 crore total business target for 2024-25, he said.
Mr. Kumar said the SCDCC Bank was in the forefront in deposit collection despite there being no deposits from government departments. Through its 113 branches across Dakshina Kannada and Udupi districts, the bank collected ₹7,221.37 crore deposits in 2023-24 and registered 13.33% growth. Advances of the bank stood at ₹2,69.27 crore towards agricultural sector and ₹4,315.85 crore towards non-agricultural sector. The total outstanding loans stood at ₹8,319.43 crore. Mr. Kumar said there was 100% recovery of loans in 2023-24 and the bank has been recording this for the last 29 years.
Mr. Kumar said as many as 1,072 cooperative societies were members of the Bank with ₹403.59 crore share capital. The bank has ₹11,379.23 crore working capital that saw 14.59% growth over the previous financial year’s ₹9,930.69 crore. The bank has has provided Rupay Kissan Cards to 1.37 lakh farmers who have Mangala Kissan Credit Card accounts in Primary Agriculture Credit Cooperative Societies while 80,668 Rupay Debit cards were issued to other customers of the bank.
The president said the bank has plans to introduce Inter-Bank Mobile Payment System scheme (IMPS), Internet Banking, Bharat Bill Payment System, and opening of 10 new branches in the current financial year.
Bank Vice-President Vinay Kumar Surinje, CEO K. Gopalakrishna Bhat, and directors were present.
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