Being the one to shake off the impact of Covid limitation fast, Chennai based Repatriates Cooperative Finance and Development Bank popularly known as Repco Bank has crossed the business turnover of Rs 16,000 crore, while three months of the current financial year are yet to go.
“In adverse market conditions and the lockdown imposed due to Coronavirus, we have got success in crossing the business turnover of Rs 16 k crore before the end of the current financial year”, its Managing Director Smt. R.S. Isabella to Indian Cooperative correspondent on the phone.
“Now, the situation is under control and loan disbursement has also started. We are also launching various new schemes for our borrowers and we are getting good response”, she said.
Coming to the 2019-20 financial performance, Isabella said, “Due to no-repayment of loans because of lockdown, there were some issues in the 2019-20 financial year. We had made higher provisions and for the first time our profits got reduced. Usually borrowers used to repay the loan amount in the last week of March but it totally stopped”, she said.
She further said, “Our deposits declined from Rs 8,727 crore to Rs 8,197 crore whereas loans and advances increased from Rs 6,503 crore to Rs 7,005 crore in the 2019-20 financial year. There is a slight reduction in the business mix which as on 31st March 2020 stood at Rs 15,202 crore. Earlier it was Rs 15,230 crore”, the Repco bank MD said.
The net profit of the bank decreased from Rs 107 crore to Rs 56 crore. The Net NPA and Gross NPA stood at 9.18% and 3.51% respectively. But all these are past, said a confident Managing Director.
Presently, the bank is having 108 branches in southern states and have not opened any branch in the last financial year. The bank is having a strong financial net worth Rs 780 crore and over 10 lakh customers.
The bank is also active in empowering women. The bank is giving special benefits to women on deposits”, she noted.
The bank was established in 1969 with the prime objective of rehabilitating repatriates from Sri Lanka, Burma and Vietnam, the bank has a unique reputation of catering to the repatriate community.