Gujarat based Sabarkantha District Cooperative Bank which is popularly known as SK Bank- has performed well on all the financial parameters and crossed the business mix of 3,500 crore in the 2020-21 FY. Besides, the bank has also succeeded in maintaining the tradition of having zero percent net NPA.
The total business of the bank increased from Rs 3,394 crore (2019-20) to Rs 3,823 crore in the 2020-21 FY. The deposits of the bank rose from Rs 2,142 crore to Rs 2,519 crore whereas loans and advances grew from Rs 1,252 crore to Rs 1,304 crore in the 2020-21 FY, despite covid-19 the bank registered growth.
Besides, the bank earned an operating and net profit to the tune of Rs 22.17 crore and Rs 11.50 crore respectively. Earlier the net profit of the bank was Rs 10.75 crore. The net NPA and gross NPA as on 31st March 2021 stood at 2.73 percent and Zero percent respectively.
Talking to Indian Cooperative the bank Chairman Mahesh Patel said, “We are working hard to take the bank to newer heights. Since I became the Chairman of the bank the bank is on a growth path and year after year earning handsome profits. This is only due to the support of management and other board members”.
“Our bank has played a major role in rural banking across Sabarkantha and Aravalli district since 1959. The Bank has a network of 130 branches across Sabarkantha and Aravalli District with all the Latest Digital Banking Facilities. It is also playing a very vital role in the time of natural calamities. During covid-19 pandemic. the Bank has also Extended Financial Support Being Part of Co.operative Social Responsibility task”, he said.
He recounted that the bank had contributed Rs 11 lakhs in the PM Cares Fund as well as Rs 8 lakh towards the CM Relief Fund when Covid-19 entered the world.
Besides, the bank has provided financial support worth Rs 15,50,000 to set up the oxygen plant at Modasa and Vadali during the second wave of Covid-19 in the month of April and May-2021, said Patel who was a government official and left the job to help the community in the best possible ways.
The working fund of the bank increased from Rs 2,676 crore to Rs 3,068 crore in the 2020-21 FY. As on 31st March 2021 the bank’s CRAR stood at 11.16 percent.
