The Kozhikode District Cooperative Bank has posted a record growth of 49 per cent in net profit during the 2012-13 fiscal.
The bank mobilised a total business of Rs.3,825 crore, taking the net profit to Rs.10.63 crore in the previous financial year. The achievement was the highest in the history of the bank.
Addressing a press conference here, bank president Manayath Chandran, bank directors N. Subramanian and U. Rajeevan, and general manager C. Abdul Mujeeb said the performance of the bank improved by 19 per cent. The deposits registered a growth of 16 per cent from Rs.1,672.76 crore to Rs.1,932.24 crore, they said.
Mr. Chandran said the individual deposits stood at Rs.1,015 crore and deposits of cooperatives, at Rs.917 crore. The paid-up share capital had risen to Rs.43.70 crore.
This distinction made the bank the first Capital to Risk (Weighted) Assets Ratio district cooperative bank in the State. The bank had acquired the status of a Class I district cooperative bank in the State, he said. He said the loan advances also registered a reasonable growth of 23 per cent, at Rs.1,105 crore. The bank had given concessions in repayment of loans to the tune of Rs.4.72 crore. This had benefitted the kin of deceased members who died of serious diseases. An amount of Rs.333 crore had been sanctioned for agricultural purposes and Rs.47.47 lakh for weaving societies. The bank planned to do a total business of Rs.4, 500 crore in the current fiscal. It targeted a deposit base of Rs.2,350 crore and loan advances of Rs.2,150 crore.
The bank proposed to open 10 ATM counters and launch Real-Time Gross Settlement system, National Electronic Funds Transfer, and Cheque Truncation System facilities.
