Date:30/09/2004 URL: http://www.thehindu.com/2004/09/30/stories/2004093001390300.htm

Karnataka - Others

Bank earns profit of Rs. 87.64 lakhs

By Our Staff Correspondent

CHITRADURGA, SEPT. 29. The Chitradurga District Cooperative Central Bank has earned a net profit of Rs. 87.64 lakhs for 2003-04.

Announcing the financial performance of the bank for 2003-04 here on Wednesday, D. Sudhakar, chairman of the bank and Challakere MLA, said that the accumulated losses of the bank of Rs. 97 lakhs had been cleared.

The bank had performed well this year and earned a profit of Rs. 1.32 crores.

After deduction of the accumulated losses and other statutory deductions, the net profit was Rs. 87.64 lakhs.

The working capital of the bank had risen to Rs. 54 crores, he said.

The bank had advanced Rs. 9.67 crores to the agricultural sector as crop loans and Rs. 1.97 crores to non-agriculture sectors.

The bank had distributed 16,191 kisan cards.

It had helped form 2,048 self-help groups (SHG), who had saved Rs. 64.75 lakhs during the year.

The bank had extended financial assistance to the tune Rs. 1.91 crores to these SHGs, S. Munivenkatappa, managing director of the bank, said.

The bank planned to help start around 1,000 SHGs and provide credit linkage to at least 500, he said.

The bank had deposits of Rs. 29.33 crores and reserves of Rs. 88.18 lakhs.

It had a share capital of Rs. 3.91 crores, he added.

Mr. Sudhakar said that steps would be taken to improve the recovery of loans, the only area in which the bank was weak.

K.M. Asha, deputy registrar, was present on the occasion.