Karnataka based “SUCO Bank”, which is currently celebrating its Silver Jubilee, has transacted a whopping Rs.1122 crore business and achieved 40% growth in the financial year 2018-19.The bank’s total profit is Rs 9 crore and after tax deductions the profit counts Rs 4.93 crore.
While addressing journalists, Mohit Maski, President of SUCO Bank said the bank is an integral part of the cooperative movement and its business has shown a continuous improvement.
According to the president, the bank has 28 branches across Karnataka with a total deposit of Rs 669 crore, and total loans and advances of Rs 453 crore.
He also claimed that the bank’s NPA at a mere 1.97% (Non-Performing Asset), indicates the financial security and stability of the Bank SUCO Bank is the first co-operative bank in Karnataka to distribute Rupay Platinum Cards.
SUCO Bank on the occasion of its Silver Jubilee announced and released its new plan “SUCO Solar Power”, which aims at achieving 25000 megawatt electricity output. This is achieved by adopting Solar Technology for generating electricity at very low Equated Monthly Installment (EMI – Rs.872 / KW only). Maski claimed that more than 300 people have registered their names, and have also shown interest in generating of electricity through Solar Technology.
Claiming to be first in many fields, President of the UCB it is he first co-operative bank to incorporate UPI Fund Release Technology by the Central Government. He also said that SUCO Bank is the first Co-Operative Bank in Karnataka to distribute Rupay Platinum Cards.
The users of Rupay Platinum card from SUCO Bank will get different types of discounts / attractive gifts and cash back facilities when they do online shopping. The account holders who have obtained this card need not maintain minimum balance in their accounts. He said that all customers have to take advantage of this facility.
He wholeheartedly thanked all customers and shareholders who have contributed in the development and improvement of SUCO Bank.
The Managing Director Sri.Parimalacharya .S. Agnihotri and the Secretary of the Board of Management of the Bank Sri.Venkatesh Rao were present on this occasion.