Karimnagar DCCB nets profit of Rs 68.08 crore in 2021-22

Karimnagar: The Karimnagar District Cooperative Central Bank, which completed its centenary celebrations last year, has posted a profit of Rs 68.08 crore for the financial year 2021-2022, up from Rs 51 crore it registered in 2020-2021. Despite a tough year due to the pandemic situation, the bank brought down its non-performing assets (NPA) from 1.83 […]

Karimnagar: The Karimnagar District Cooperative Central Bank, which completed its centenary celebrations last year, has posted a profit of Rs 68.08 crore for the financial year 2021-2022, up from Rs 51 crore it registered in 2020-2021.

Despite a tough year due to the pandemic situation, the bank brought down its non-performing assets (NPA) from 1.83 per cent in 2020-21 to 1.5 per cent in the year 2021-2022.

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The 67 branches of Karimnagar DCCB collected deposits of Rs 2,263.67 crore (with a growth rate of 18.92 per cent) and loans of Rs 2,636.42 crore (growth rate of 25.35 per cent) and profit of Rs 68.08 crore with a growth rate of 33.15 per cent.

The two bank branches viz Choppadandi and Jagtial have set a milestone by crossing Rs 100 crore businesses during the financial year 2021-22.

The bank had set a target of doing business of Rs 5,000 crore in the year 2021-2022 and achieved Rs 4,900 crore. Incidentally, the bank was the first cooperative to secure ISO certification for banking activity and for rural development.

Attributing the success of the bank and making profits consecutively since 2012 onwards, KDCCB chairman Konduru Ravinder Rao said that the team work and good governance was the success mantra. He also said that the diversified business activities had also helped Karimnagar DCCB to be placed third after SBI and UBI in doing business. Buoyed over the making profits, the bank had decided to set a target of doing business of Rs 6,000 crore during the year 2022-2023, he stated.

“It has become a preferred destination for many study teams pan India because of its performance. The reduction of NPA from 1.83 per cent to 1.5 per cent our achievement reached new heights in all parameters. It is a marvelous team of the entire Karimnagar DCCB. The strength of our bank is our affectionate, sensible and highly responsive customers”, said DCCB CEO N Satyanarayana Rao.

He also thanked visionary president Konduru Ravinder Rao managing committee members, staff of the bank, sales officers, presidents of PACS, CEOs and staff of PACS and customers, who are the reason for our achievement.

He also thanked the TSCAB managing director N Muralidhar, CGM and other officers of TSCAB and NABARD CGM, other officials and DDMs of cluster office for their guidance and support.

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