In a press release SUCO Souharda Sahakari Bank stated that the Bank’s total business for the FY 2022-23 grew to Rs 1,560 crore, posting a year-on-year growth of 23.43%. The bank’s Gross Profit for the same period is Rs 18.65 crore, while After-Tax Profit stands at Rs 7.87 crore, adds the release.
The SUCO Bank’s chairman Mohit Maski expressed his gratitude to SUCO Bank’s customers for its consistent business growth over the years, and expressed his happiness with SUCO Bank reaching new milestones with every passing year, strengthening its position in Karnataka’s cooperative banking space.
Suco Bank is a Bank synonymous with trust, consistency and reliability in the cooperative banking industry, said a proud Chairman. The SUCO Bank currently has 29 branches in 16 districts of Karnataka. “The bank is happy to announce that the RBI has approved the expansion of SUCO Bank’s area of operation to the entire state of Karnataka”, noted the release.
For FY 2022-23, the Bank’s total deposits stand at Rs 940 crore, and advances at Rs 620 crore. Small ticket loans which are below Rs 25 lakhs make up to 41% of the bank’s total loan book, at Rs 252 crore, endorses SUCO Bank’s support towards the growth of MSME sector.
The SUCO Bank posted its Net NPA (Non-Performing Asset) for the FY 2022-23 at 0%. This signifies the Bank’s strong financial health and stability, claimed the release. The SUCO Bank is very proud of leading the change in the cooperative banking sector in Karnataka with the changing times and technologies, it underlined.
This is no doubt true that it was the first cooperative bank in Karnataka to provide its customers with UPI Payment Services. The bank is credited for being the first in implementing many technologies which have led to providing exceptional services to the bank’s customers.
The SUCO Bank introduced its first floating rate deposit scheme in the FY 2022-23. With rising interest rates and inflation, the SUCO Bank introduced this scheme to protect the depositor’s interest by linking the deposit rate to RBI’s Repo Rate. The SUCO Bank has fixed the scheme’s deposit rate at 2.2% more than the existing Repo Rate declared by RBI. With a maturity duration of 3 years, this deposit scheme’s rate is revised once in every six months. This is a unique and innovative product in the cooperative banking space.
The RRR Scheme was offering a deposit rate of 8.1% in November, 2022, while from 1st April 2023, the deposit’s rate will be revised to 8.7%. SUCO Bank urged its customers to take advantage of this product to beat inflation and protect their money’s value from erosion.
In the financial year gone by, the SUCO Bank has disbursed loans worth Rs 36 crore at attractive interest rates for farmers to store their produce in Cold Storage facilities. By this the bank has protected the interest of farmers in the region.