Karimnagar DCCB nets profit of Rs 91.40 crore in 2022-23

Karimnagar District Cooperative Central Bank has netted a profit of Rs 91.40 crore for the financial year 2022-23

Karimnagar: The Karimnagar District Cooperative Central Bank (KDCC) has netted a profit of Rs 91.40 crore for the financial year 2022-23. The bank managed to get increase the profit by Rs 23.32 crore from the previous highest profit of Rs.68.08 crore.

While the State Cooperative Banks have done a total business of Rs.40,000 crore in the entire State, the Karimnagar DCCB alone has done a business of Rs.5,625 crore, officials said.

---

The bank has brought down its gross Non-performing assets (NPA) from 1.50 per cent during the year 2021-22 to 1 percent during the financial year 2022-23. Announcing this to the media here on Monday, KDCCB chairman Konduru Ravinder Rao said the bank had done a total business of Rs 5,625 crore during the last financial year with a growth rate of 14.79 per cent.

In spite of losing some deposits, the bank had made steady growth and there was no minus growth, he stated and thanked the customers for reposing faith and banking with the KDCCB for their all needs.

Buoyed over steady profits since 2012 onwards, the KDCCB had set a target of doing business of Rs 7,000 crore during the financial year 2023-24.

He said the bank set a target of lending crop loans to the tune of Rs 1500 crore during this financial year, Rs 300 crore for term loans, Rs 150 crore for SHGs, Rs 100 crore for educational loans, Rs 200 crore for housing loans and Rs 1550 crore for other loans.

Among all the nine DCCBs in the State doing a business of Rs 19,000 crore during the last financial year,
the Karimnagar DCCB alone had done a business of Rs 5,626 crore, which is around 26 per cent.

Rao, who is also chairman of TSCAB and NAFSCOB, said the Telangana State Cooperative bank emerged as a role model for the entire country in the computerisation of PACS and introducing new HR policy for PACS.

Vice chairman P Ramesh, directors P Mohan Reddy, Swamy Reddy, CEO N Satyanarayana Rao, NABARD DDM P Ananth and others were also present.