Kerala Bank has achieved a net profit of ₹374.75 crore in four months commencing from December 2019 amidst several adversities, including COVID-19.
The profit earned by the bank post amalgamation has helped to bring down the accumulated loss from ₹1,150.75 crore on November 29 to ₹776 crore, Minister for Cooperation Kadakampally Surendran told a press conference here on Tuesday.
He was releasing the first audited balance sheet of the Kerala State Cooperative Bank (KSCB) after merger with 13 district cooperative banks.
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The unexpected situation arising out of the COVID-19 crisis had led to a decline in loan recoveries forcing the bank to increase its NPA portfolio. Mr. Surendran said the bank provided ₹1,524.54 crore towards its NPA, more than twice its accumulated loss.
Kerala Bank’s total business is ₹1,01,194.40 crore comprising ₹61,037.59 crore in deposits and ₹40,156.81 crore in advances. The year-to-year growth in deposits is to the tune of ₹1,525.8 crore and that of advances ₹2,026.40 crore.
The bank’s operating profit was ₹155.77 crore on September 30 and it is hopeful of liquidating its accumulated loss and registering a significant performance with profit during this fiscal.
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