SUCO Bank registers 19.86% growth in 2023-24

April 02, 2024 10:38 pm | Updated 10:38 pm IST - KALABURAGI

SUCO Bank chairman Mohith Maski (centre) at a media conference at the bank’s head office in Ballari on Tuesday.

SUCO Bank chairman Mohith Maski (centre) at a media conference at the bank’s head office in Ballari on Tuesday. | Photo Credit: SPECIAL ARRANGEMENT

SUCO Bank, one of the leading cooperative banks in the State, has collected ₹1,114 crore to register a growth of 19.86% in 2023-24 over the previous year, chairman of the bank Mohith Maski has said.

Addressing a media conference at the bank’s headquarters in Ballari on Tuesday, he said that the bank’s net profit rose to ₹6.23 crore, after taxes.

“We have set a target of collecting ₹1,800 crore deposits and lend ₹850 crore in the next financial year. We are paying 7.50% interest and it is equal to interest for a fixed deposit. We have disbursed loans to the tune of around ₹156 crore to 11,901 women customers,” he said.

“Most of them have invested money in home industries and achieved financial stability. SUCO Bank has emerged as the most trusted cooperative bank in the State and now, it is making confident strides to become a scheduled bank,” he said.

Speaking about the bank’s future plans, Mr. Maski said that the bank will upgrade its technologies and introduce a system in which the loan sanctioning process will be in digital mode.

“Shifting to an online process for loan sanctioning will help customers get loans quickly. It saves a lot of time and energy,” he said.

Mr. Maski also added that the bank has hiked the salaries of its employees by 20%, appointed 38 new officers and promoted 40 officers last year.

“The bank offers ₹10 lakh life insurance coverage and ₹4 lakh health insurance coverage to its employees. The bank is operating through 29 branches spread across 12 districts in the State,” he said.

SUCO Bank Managing Director G.S. Ravisudhakar, board secretary Vittal Rao and other officers were present.

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