THIRUVANANTHAPURAM: State Cooperative Bank has secured an all-time record working profit of Rs 281.91 crore during 2018-19 fiscal, according to cooperation minister Kadakampally Surendran.
“This is a historic achievement over the past 104 years of the bank’s existence. Besides, the business turnover has touched Rs 15,432 crore, and the bank achieved a net profit of Rs 72.39 crore against the cumulative loss of Rs 341.34 crore in 2015-16,” the minister told reporters here on Friday.
The cooperation minister also blamed the governing council during the period 2001-06 for sanctioning ‘irregular loans under corrupt deals’ and cited it as the reason behind the bank running in losses till the previous fiscal.
The banks’ gross NPA (non-performing assets), meanwhile, has decreased to 3.16% from 16.04% in 2015-16 (before the LDF government’s tenure), while the net NPA is only 1.43% now, the minister said. “The State Cooperative Bank could secure this achievement when several scheduled and nationalized commercial banks are declining into net losses and huge gross NPAs,” Surendran said.
He also claimed that the state has now the cooperative bank with highest profitability and capital strength in the country.
“The average profit of state cooperative banks in the country in the financial year 2018-19 is Rs 31 crore. The bank also has 22.54% capital strength against the minimum requirement of 9% (for cooperative banks as per RBI norms),” the cooperation minister added.
Over the past three years, the deposit in the bank rose to Rs 8,945 crore from Rs 6,112 crore.
Against Rs 3,412 crore disbursed as loans in during 2015-16, the bank could disburse Rs 6,487 crore as loans in 2018-19, he said.
The cooperation minister said that the three-year period also witnessed implementation of modern banking services, including mobile banking, RTGS/NEFT, IMPS and e-commerce, besides continuation of other services, including CTS (cheque truncation system), MMS (mandate management system), NACH DR, NACH CR, SMS-alert, eKYC and pan card services.
“This is a historic achievement over the past 104 years of the bank’s existence. Besides, the business turnover has touched Rs 15,432 crore, and the bank achieved a net profit of Rs 72.39 crore against the cumulative loss of Rs 341.34 crore in 2015-16,” the minister told reporters here on Friday.
The cooperation minister also blamed the governing council during the period 2001-06 for sanctioning ‘irregular loans under corrupt deals’ and cited it as the reason behind the bank running in losses till the previous fiscal.
The banks’ gross NPA (non-performing assets), meanwhile, has decreased to 3.16% from 16.04% in 2015-16 (before the LDF government’s tenure), while the net NPA is only 1.43% now, the minister said. “The State Cooperative Bank could secure this achievement when several scheduled and nationalized commercial banks are declining into net losses and huge gross NPAs,” Surendran said.
He also claimed that the state has now the cooperative bank with highest profitability and capital strength in the country.
“The average profit of state cooperative banks in the country in the financial year 2018-19 is Rs 31 crore. The bank also has 22.54% capital strength against the minimum requirement of 9% (for cooperative banks as per RBI norms),” the cooperation minister added.
Over the past three years, the deposit in the bank rose to Rs 8,945 crore from Rs 6,112 crore.
Against Rs 3,412 crore disbursed as loans in during 2015-16, the bank could disburse Rs 6,487 crore as loans in 2018-19, he said.
The cooperation minister said that the three-year period also witnessed implementation of modern banking services, including mobile banking, RTGS/NEFT, IMPS and e-commerce, besides continuation of other services, including CTS (cheque truncation system), MMS (mandate management system), NACH DR, NACH CR, SMS-alert, eKYC and pan card services.
World Cup 2019
Trending Topics
LATEST VIDEOS
More from TOI
Navbharat Times
Featured Today in Travel
Quick Links
Lok Sabha Election Schedule 2019Lok Sabha Election NewsDelhi Capitals teamMI team 2019Rajasthan Royals 2019RCB team 2019Maharashtra Lok Sabha ConstituenciesBJP Candidate ListBJP List 2019 TamilnaduShiv Sena List 2019AP BJP List 2019Mamata BanerjeeBJP List 2019 MaharashtraPriyanka GandhiBJP List 2019 KarnatakaAMMK Candidate List 2019BJP List 2019 WBLok Sabha Elections in Tamil NaduBSP List 2019 UPNews in TamilLok Sabha Poll 2019Satta Matka 2018PM ModiMahagathbandhanNagpur BJP Candidate ListChandrababu NaiduTamil Nadu ElectionsUrmila MatondkarNews in TeluguMadras High CourtTejashwi YadavArvind KejriwalTejasvi SuryaPawan KalyanArvind KejriwalYogi AdityanathJaya PradaSatta King 2019Srinagar encounter
Get the app