Sabarkantha DCCB achieves turnover of Rs 5000cr; earns impressive profits

Sabarkantha (Gujarat) District Cooperative Bank crossed the business mix of Rs 5000 crore and earned a net profit of Rs 18 crore as of 31st March 2023. This year also the bank net NPA remains ‘Zero’. These figures were made known during the 65th Annual General Meeting of the bank held on 5th September 2023 at Himmatnagar.

The meeting was presided over by its Chairperson Hansaben Patel, who got elected for the top post in August this year.

The total business of the bank increased from Rs 4,520 crore (2021-22) to Rs 5,123 crore in the 2022-23 FY. The deposits of the bank rose from Rs 3,022 crore to Rs 3,285 crore whereas loans and advances grew from Rs 1,498 crore to Rs 1,838 crore in the 2022-23 FY.

As of 31st March 2023, the gross and Net NPA stood at 1.47 percent and ‘Zero’ respectively. The CRAR of the bank stood at 11.72 percent.

It is worth mentioning that the former Chairman of the bank Mahesh Patel had played an important role in the growth of the bank especially in the 2022-23 FY. He was the Chairman of the bank for the last two consecutive terms in a row. And the bank grew well under his able leadership. The new Chairperson took the charge recently.

The bank has been playing a major role in rural banking across Sabarkantha and Aravalli district since 1959. The Bank has a network of 131 branches across Sabarkantha and Aravalli District equipped with all the Latest Digital Banking Facilities.

It is being said that the bank is the first in Gujarat state to work on CBS Platform and give high quality facilities to its customers. The bank has started its own ATM services in several of its branches.

On this occasion, the bank CEO H P Nayak presented the annual report before the delegates which was unanimously passed by them.

Sabarkantha DCCB Vice-Chairman Bhikhaji Damor presented a vote of thanks.