Staff Reporter

KOZHIKODE: The District Cooperative Bank has posted a net profit of Rs.1.02 crore during the financial year 2006-07 with a growth of Rs.129 crore in business.

At a press conference here on Saturday, bank president M. Mehboob and others said the bank did a total business of Rs.1,206 crore during 2006-07. This was higher than the 2005-06 financial year’s total of Rs.995 crore. Total deposits rose from Rs.525.7 crore in the 2005-06 financial year to Rs.608.51 crore in 2006-07 and loans disbursed rose from Rs.468.91 crore to Rs.598.45 crore.

The bank was able to post a net profit of Rs.1.02 crore even after a cut in interest rates through a special one-time settlement scheme for weaker sections of society and for those who had taken loans but had to suffer losses owing to death, cancer and other incurable diseases. “We are not functioning with an aim of making profits,” Mr. Mehboob said.

The bank’s net profit for the financial year 2005-06 was Rs.2.25 crore.

The bank distributed Rs.442 crore during the financial year 2006-07. Apart from this, Rs.13 crore was sanctioned as loan at seven per cent interest for the comprehensive coconut development project, implemented in association with the district panchayat. Apart from disbursing Rs.35 crore for construction of houses, the bank also disbursed ‘Bhavanasree’ loans to build 2,800 houses at 7.25 per cent interest to BPL persons.