As soon as the financial year closed, the UCBs and other co-operative societies across the country have started releasing the unaudited financial figures for 2021-21 FY.
Karnataka-based Suco Souharda Sahakari Bank shared its unaudited figures with Indian Cooperative which depicts that the bank not only performed well on all financial parameters but also succeeded in maintaining the Net NPA at a ‘Zero’ level.
The bank earned a net profit of Rs 4.74 crore in the 2021-21 FY whereas in 2020-21 it was Rs 3.35 crore. Besides, the deposits and advances of the bank as of 31st March 2022 stood at Rs 821 crore and Rs 488 crore respectively.
Addressing press reporters recently at its headquarters, the bank’s President Mohit Maski informed that during the last financial year, SUCO Bank had taken over 3 other distressed banks, i.e., Mahila Shakti Cooperative Bank, Bellary, Vardhman Cooperative Bank, Hubli, and Shree Sharana Basaveshwara Town Cooperative Bank, Karatagi, Koppal.
“SUCO Bank is the only cooperative bank in Karnataka to have merged with the 3 distressed cooperative banks, thereby safeguarding the interests of the customers and other stakeholders of these distressed banks”, he said while patting himself on the back.
He further added that SUCO Bank has its presence in 17 districts of Karnataka and was the first cooperative bank in the North Karnataka region to have an IFSC Code, independent of the RBI. With 29 branches spread over 12 districts, SUCO Bank is also the first cooperative bank to accept and sanction loan applications online, from April 2022, he underlined.
“Despite the economic fluctuations due to the COVID-19 pandemic, SUCO Bank has made good progress, and these numbers prove the trust and confidence that their customers and shareholders have in the bank. He also went on to thank all the customers, shareholders, staff, and management of SUCO Bank for the remarkable performance”, Maski asserted.
On the occasion, SUCO Bank Managing Director M.R Gireesh, Secretary to the Board Venkatesh Rao, and others were also present.