Staff Reporter

Loans extended to the tune of Rs. 791.75 crore

SALEM: The Salem Central Co-operative Bank (CCB) has posted a net profit of Rs. 13.38 crore till October this financial year.

In the last fiscal, the bank managed to record a profit of Rs. 5 lakh due to various reasons. As a result, special efforts were being taken to improve the performance of the bank and that it was able to improve the profits, the CCB's Special Officer K.M. Tamilarasan said in a press release.

The officials were expecting that the bank's profit would increase further in the coming months. The bank, which was established in the year 1909, was having 36 branches in Salem district and 24 in Namakkal. Till October this year, the bank had extended loans to the tune of Rs. 791.75 crore in the two districts as against Rs. 749.41 crore issued during 2005-06. The bank had collected deposits amounting Rs. 789.44 crore this fiscal so far.

Of the total loans provided, the bank had extended Rs. 24.65 crore as short-term crop loans till October this year as against the target of Rs. 116 crore. Of which, Rs. 15.28 crore was disbursed in Salem district and Rs. 9.37 crore in Namakkal. The bank had also provided non-farming loans to the tune of Rs. 2.05 crore and jewel loans Rs. 92.78 crore in the two districts this year so far.

Participating in the welfare schemes of the Government, the bank had extended loans to the tune of Rs. 3.38 crore to 8,190 women to start small enterprises and Rs. 4.12 crore to 907 self-help groups in the two districts. The release further said that crop loans to the tune of Rs. 466.09 crore was waived in the two districts benefiting over 1.76 lakh farmers following announced of the State Government in this connection.