Kudos to Bajaj & team as Apex Bank triples profit

The Apex Bank Chhattisgarh State Cooperative Bank has earned a profit to the tune of Rs 44.66 crore in last financial Year.

Addressing the board of directors meeting in the headquarters, Chairman of Chhatisgarh State Cooperative Bank Ashok Bajaj informed that a review of the financial position of the bank has revealed that the bank has earned a profit of Rs 44.66 crore in the FY 2017-18 compared to Rs 15 crore in the previous fiscal.

“Working capital of the bank was 5564.75 crore on March 31, 2018 whereas in the FY 2016-17 it was 4940.94 crore. Deposit base has also increased from Rs 326.45 crore in 2016-17 to 3840.20 crore in 2017-18”, Bajaj informed.

The apex bank also performed well in loan and advances which is 2402.26 crore in the FY 2017-18. In the financial year 2017-18, the balance sheet of the bank had been classified as ‘A’ category, the bank Chairman said proudly.

In order to provide more benefits to customers, the loan ceiling of the overdraft against the property under the unbanked loan scheme of the bank has been raised from Rs 10.00 lakh to Rs. 20.00 lakh.

On this occasion NABARD, Chief General Manager, N.P. Mohapatra, Registrar of Cooperative Societies, Sunil Tiwari, Bank MD H K Nagdev and others were present.