Himachal Pradesh State Cooperative Bank has performed spectacularly and the bank’s business turnover has crossed to more than Rs 25,000 crore during the 2023-24 FY. Besides, the bank earned a net profit and gross profit of Rs 141.76 crore and Rs 260.92 crore as on 31st March 2024 respectively.
The bank’s NPA levels also came down during the year. The gross NPA levels fell by 2 percent, stood at 4.98 percent and net NPA level down by 1.16 percent, stood at 1.02 percent as on 31st March 2024.
The deposits of the bank grew from Rs 14,132 crore (2022-23) to Rs 15,264 crore in 2023-24FY whereas loan & advances increased from Rs 8,652 crore to Rs 10,569 crore, registering a growth of 22.17 percent as on 31st March 2024.
The net worth and reserves & surplus of the bank stood at 1232.91 crore and Rs 1503.96 crore in the 2023-24FY respectively. Besides, the total amount of digital transactions stood at Rs 6412.57 crore during the year.
The HR initiatives were also taken by the management for the welfare of bank employees through the 2023-24FY. The entire pay arrear amounting to Rs 77.44 crore on revision of pay scale was granted to the employees during the year.
In the 2023-24 FY, the bank also organized its annual event performance award & recognition for key contributors (SPARK-2023) to celebrate and recognize the special efforts of branches.