Karimnagar DCCB clocks Rs 51.12 cr profit in FY 20-21
During the preceding financial year 2019-2020, the DCCB made a profit of Rs 35 crore
Karimnagar: In spite of a severe financial crisis due to the outbreak of the deadly virus and the lockdown, the Karimnagar District Cooperative Central Bank (DCCB) has accrued profits to the tune of Rs 51.12 crore during 2020-2021.
During the preceding financial year 2019-2020, the DCCB made a profit of Rs 35 crore. The bank has been recognised at the national level for its performance for consecutively winning national awards for the last four years from the National Federation of Cooperative Banks limited (NAFSCOB).
The bank had excelled in decreasing its non-performing assets (NPA) from 2.15 per cent during the financial year 2019-2020 to 1.75 per cent during the year 2020-2021, which is a milestone in the history of the cooperative banks. The bank staff with the support of their customers has strived hard to achieve to reduce the NPA during their month-long special drive of recovery.
The DCCB with 67 branches has collected deposits of Rs 1903 crore and registered a growth rate of 16.03 per cent and the loans and advances at Rs 2070 crore which was increased by 15.96 per cent. Overall growth registered is 16 per cent and the business stood at Rs 3973 crore a meagre shortfall of Rs 27 crores against the bank target of Rs 4,000 crore.
With regard to the performance of DCCB during the year 2020-2021, the bank had provided loans to the tune of Rs 1177.69 crore for the farm sector against the target of Rs 980 crore. Following the government instructions to all banks not to collect the interest of loans from March to August due to the outbreak of virus and lockdown, the KDCCB had benefitted its customers to the tune of Rs 32 lakhs interest waiver.
Despite the financial crisis, the DCCB had opened six new ATMs during the last financial year making it a total of 32 ATMs in the district and it is having a total of 67 branches in the district. The bank had proposed to open five new branches during this financial year in Koheda, Manthani Mutharam, Chandurthi, Thunguru and Veernapalli in the integrated Karimnagar district.
The Karimnagar DCCB established in the year 1921 is celebrating its centenary fete during the year 2021-22 on a grand scale. It had chalked out series of programmes to increase its customer base and announce several innovative schemes to attract new customers especially the youth and children. DCCB CEO N Satyanarayana Rao has attributed the achievement because of the teamwork and the coordination and support extended by the PACS chairmen.
KDCCB chairman Konduru Ravinder Rao, who is also the TSCAB and also, NAFCOB chairman, congratulated the bank team including the officials, managing committee, PACS chairmen and CEOs for doing wonderful business during the last fiscal year in spite of virus and lockdown and around 80 staff being affected with the deadly virus. Buoyed over the remarkable performance, the chairman had set a target of doing business of Rs 5,000 crore during the year 2021-2022. He also exuded confidence that the bank staff would excel in their performance and achieve the target.
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