SCCC Bank creates history, nets Rs 50 crore profit

Mangaluru: The South Canara District Central Co-operative Bank here has earned a net profit of Rs. 50.08 crores first time in its 108 years history. It is the first district central co-operative bank in the State to earn such a huge profit.

Giving details of the annual results for the financial year ending March 2022, president of the bank Dr MN Rajendra Kumar said the bank recorded a net profit of Rs. 50.08 crore. This is an increase of 48.82% over last year's profit (Rs 33.55 crore). This is the all-time record in the history of the SCDCC Bank.

During the reporting year, a new history has been recorded with a total transaction of Rs 11598 crore. This is an increase of 1487.7% over the previous year's total business. For the year 2022-23, the business target of Rs. 14,000 crore has been set.

"In another achievement, the bank has got Rs. 5649.97 crore deposits. There is usually competition among all banks in mobilising deposits but that competition has not deterred us from accruing Rs. 5649.97 crore as a deposit. This was despite having no State or central government funding. My bank has built a record 100 per cent performance in agricultural loan repayment for 27 consecutive years. This is a national record for the last 27 years. The bank has a total of 1031 associations that have deposited Rs, 214.27 crores. It has working capital of Rs. 8711.10 crores, which is an increase of 21.75% over the last year (7154.82 crores in 2021-22)," Rajendra Kumar said

* RuPay Kisan Credit

The Bank has issued a RuPay Kisan Card to farmers who have a Kisan Credit Card Account in the Primary Agricultural Co-operative Societies operating in Dakshina Kannada and Udupi Districts. Already 1,24,833 Rupay Kisan cards have been distributed to farmers. 66,251 Rupay debit cards have been issued to other customers of the bank.