Mangaluru: Despite Demonetisation SCDCC Bank earns record profit of Rs 21.84 crore

Mangaluru: Despite Demonetisation SCDCC Bank earns record profit of Rs 21.84 crore

Mangalore Today News Network

Mangalore, May 30,2017: Reports state that the Chairman of South Canara District Central Cooperative (SCDCC) Bank Ltd, M N Rajendra Kumar, proclaimed that the bank could earn a record profit of Rs 21.84 crore for the financial year 2016-17 even after being effected by the demonetisation exercise.

Mr.Kumar addressing a press conference in the city on Monday 29, claimed that the bank reached a total turnover estimate of Rs. 5883.6 crore at the end of the financial year.

The bank has set for itself a challenging goal of Rs 6,900 crore for the upcoming year and the bank could collect Rs 3,201.64 crore through its 101 branches without the support of deposits from state and central governments.
The bank lent an approximate amount of Rs 924.63 crore to the agriculture sector and the total outstanding and non-agricultural loans stands at Rs 2,682.02 crore, he explained.

Rajendra Kumar voiced that for the 22nd year in succession and progress, the bank has recorded 100 percent recovery under agricultural loans, which in itself happens to be a national record.

The bank has issued 72,837 RuPay credit cards and 37,616 RuPay debit cards through its branches, he stated.