Beating Covid 19, Karnataka based Suco Souharda Sahakari Bank which is popularly known as “SUCO Bank”, has achieved a business mix of Rs 1346 crore in the 2020-21 financial year which is higher in comparison to the 2019-20 FY. Besides this, the bank has also earned a handsome profit of Rs 3.35 crore despite several challenges due to adverse market conditions.
Talking to Indian Cooperative, the bank Chairman Mohit Maski said, “The 2020-21 financial year was satisfactory in comparison to the previous financial year. We have registered growth almost on all the parameters but I am disappointed that our bank has failed to achieve the proposed target set to disburse loans due to lockdowns and other challenges”.
“We are having branches in the areas which are fully dependent on agriculture. We are not having branches in metro cities, we hope that the situation will improve by the end of the 1st quarter of the current financial year. And we aim to achieve a business target of Rs 2k crore by the end of the current financial year”, he added.
The deposits of the bank grew from Rs 732 crore to Rs 858 crore whereas loans and advances rose from Rs 475 crore to Rs 488 crore in 2020-21 FY. The bank’s net profit stood at Rs 3.35 crore in the 2020-21 FY. Earlier i.e. in 2019-20 it was Rs 2.13 crore.
The Net NPA of the bank stood as on 31st March 2021 at 2.56 percent. The bank has a network of 28 branches across Karnataka.
SUCO bank is the 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.
He wholeheartedly thanked all customers and shareholders who have contributed in the development and improvement of SUCO Bank.
Readers would recall that, to beat the adverse market conditions, SUCO Souharda Sahakari Bank has recently launched the ‘Start-up to Self-Employment’ scheme to develop start-up business which was affected during the Covid-19 Pandemic. The scheme was inaugurated by Karnataka Deputy Chief Minister Sri Ashwatha Narayana.