The Telangana State Cooperative Apex Bank has reported a profit of ₹ 67.20 crore during the just-concluded financial year 2020-21 in spite of the slowdowns caused by the outbreak of Coronavirus and subsequent lockdown.
The bank’s profit was 31.38 % higher than the previous year’s ₹ 51.15 crore and it had also reduced its non-performing assets from 0.17 % to 0.14 % during the period. Since its formation in 2015, FY21 was the best performing year for the TSCAB as it has achieved all the targets set for the fiscal. In the process, the TSCAB set a record of sorts among the State cooperative banks registering the lowest NPA.
The bank reported share capital collection of ₹ 230.64 crore marking 34.10 % growth over ₹ 171.99 crore of the year ago period. The total business during the fiscal stood at ₹ 13,268.91 crore, 22.33 % higher than the ₹ 10,847.15 crore during 2019-20.
Deposits increased by 17.69 % from ₹ 4,644.69 crore in 2019-20 to ₹ 5,466.41 in 2020-21 while the loans and advances increased by 25.80 % from ₹ 6,202.46 crore to ₹ 7,802.5 crore during the period. Gold loans showed marked increase from ₹ 530 crore to ₹ 662 crore while the per employee business rose to ₹ 28.11 crore against the targeted ₹ 24.96 crore. Business per branch too increased significantly to ₹ 315.43 crore against the set target of ₹ 284.11 crore.
According to TSACB managing director Nethi Muralidhar, the bank had set a target of achieving ₹ 16,000 crore business during the financial year 2021-22. Bank chairman Konduru Ravinder Rao said the bank was among the best in the country in technical terms too providing all IT services like internet banking and was equipped with 24X7 cyber security operations centre on par with the nationalized banks.