Andhra Pradesh State Cooperative Bank crossed the business turnover of more than Rs 36,000 crore and achieved success in achieving the ‘Zero’ net NPA in the 2022-23 financial year.
The bank has performed well on almost all the financial parameters as on 31st March 2023. During its Golden Jubilee celebrations, Andhra Pradesh Chief Minister YS Jagan Mohan Reddy applauded the efforts of the bank in uplifting the small and marginal farmers of the state.
During the year, the business turnover of the bank increased by more than Rs 6,000 crore in comparison to the 2021-22 FY. The business turnover of the bank increased from Rs 30,587 crore (2021-22) to Rs 36,732 crore as on 31st March 2023.
As per the figures coming to the desk of Indian Cooperative, “The deposits of the bank grew from Rs 8,249 crore to Rs 9041 crore whereas loans & advances rose from Rs 23,339 crore to Rs 27,690 crore in the 2022-23 FY”.
Besides, the gross profit of the bank increased from Rs 242 crore (2021-22) to Rs 251 crore as on 31st March 2023.
The CRAR stands at 9.86 percent. The paid up share capital increased from Rs 887 crore (2021-22) to Rs 1065 crore (2022-23) whereas Reserves and Surplus grew from Rs 1144 crore to Rs 1351 crore.
Meanwhile, the bank is adopting modern banking methods to reach out to customers and offer them better services. It is extending round the clock services to the customers through its onsite ATMs and Mobile ATMs.
During its golden jubilee celebrations, the bank presented a dividend cheque of Rs 55.93 crore to all 13 DCCB. It is said that for the first time the Chief Minister gave a dividend cheque to DCCBs representatives.
There are 13 district central cooperative banks in the state which have more than 400 branches. It is reported that all the DCCBs in the state are running in profit except Eluru, Kurnool and Kadapa DCCBs making profits after 36 and 28 years respectively.
