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Wednesday, February 12 2025
Mangaluru

Mangalore: SCDCC Bank Achieves All-Time High Profit of Rs 18.80 Crore

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Mangalore, Apr 6: South Canara District Credit Co-operative (SCDCC) Bank that is at the threshold of centenary celebrations earned all-time high profit of Rs 18.80 crore exceeding 56.01 percent compared to last year, said the Bank chairman M N Rajendra Kumar.

 

 

 

Addressing the media persons during a press meet held at the Bank auditorium, here on Thursday April 4, Rajendra Kumar said that the Bank has crossed the target of Rs 2,710 crore by achieving Rs 2,925.28 crore.  Despite the stiff competitions, it has opened 57 branches during 2012 – 13 and collected deposits to the tune of Rs 1,565.96 crore.  It’s the first ever co-operative bank in the state to collect highest deposits.  The deposits are up by 18.865 percent than the last year.  The Bank has been the first co-operative bank to get direct loans from National Bank for Agriculture and Rural Development (NABARD) in the entire country.  The Bank has advanced loans to the tune of Rs 2,079 crore amidst the competition from financial institutions.

The Bank ranks first in loan advances and recovery:

The Bank has achieved 32.99 percent in loan advances worth Rs 2,079.45 crore, soft loans for farming accounted to Rs 763.21 crore, medium loans worth Rs 53.50 crore, altogether a total of Rs 816.71 crore accounted for farming.  Outstanding loans account for Rs 1,359.32 crore, a hike of 25.58 percent than the last year.  The Bank has achieved 100 percent recovery of all farm loans.  This has been a national record since the past 18 years, said Rajendra Kumar.

A total of 902 self-help-groups are serving as shareholders.  It has the share capital of Rs 34.92 crore that is up by 19.28 percent than the past year.  The working capital is Rs 2,297.87 crore that is up by 16.95 percent.  The Bank has invested in various mutual funds worth Rs 44.67 crore that is up by 8.32 percent.  The Bank has Non Performing Assets (NPA) of 3.12 percent that is down by 1.09 percent.  

Rajendra Kumar briefing on the plans to commemorate centenary celebrations, said that it’s proposed to construct a five-storey building that will be ready for the inaugural shortly.  A circle will be constructed at K S Rao Road in honour of co-operative veteran the late Molahalli Shivaram, said Rajendra Kumar.

The Bank will issue Kissan credit cards called Rupe this year.  It’s the most prestigious project of NABARD.  It will enable the card holder to transact banking in their co-operative societies and primary agricultural service Banks that has inclusive service.  Besides, the Bank will introduce NFF facility to draw cash from any Bank ATMS.  The preparations are under way already in this regard, said Rajendra Kumar.

The Bank vice president Vinay Kumar Soorinje, directors B Niranjan, T G Rajaram Bhat, Vadiraj Shetty, Bhaskar S Kotian, Sadashiv Ullal, managing director M Gopalakrishna Bhat were present at the press meet.

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