South Canara district bank registers record profit

: The South Canara District Central Co-operative Bank (SCDCC) has set a new record by registering a profit of Rs 23.75 crore in the year 2015-16.

The total transaction during the year was Rs 5,548.58 crore and the bank had set a target of reaching a net turnover of Rs 6,300 crore during the next fiscal, SCDCC chairman M N Rajendra Kumar said in a release here.

The bank had Rs 3,099.11 crore deposits in the year 2015-16, making it the first district bank in the state to have such huge deposits, he said.

The bank had provided agricultural and non-agicultural loans amounting to Rs 2,449.47 crore. Repayment of loans was prompt and Non-Performing Assets were in the range of 4.2 per cent, he pointed out.
 

Kumar said the bank could fetch high profit even after lending cheaper loans to farmers and most of its profits came from loans lent to other sectors.

The bank had advanced Rs 2,790.16 crore loan in the last fiscal, including Rs 911.5 crore to the agriculture sector, he noted.

He said the government was yet to reimburse the Rs 123 crore interest subsidy which had been pending for several years now.

The SCDCC chairman claimed that the bank had been the saviour of farmers in the undivided Dakshina Kannada district as it had been lending advances according to their needs.

Internet banking facility and inter banking mobile payment system through National Payment Corporation of India are some of the plans of the bank, which has also planned to open ATMs in all taluk headquarters in the twin districts of DK and Udupi, Kumar said.