Earn Rs 30 crore profit: N.P.A. goes down by 1.62 percentBhopal,June 15 :Economic condition of cooperative banks has improved quite a lot. Apex Banks earned gross profit amounting to Rs 45 crore during the year 2007-08. After paying Rs 15 crore by way of taxes and meeting other provisions, the bank was left with Rs 30 crore net profit.
Giving this information, Cooperative, Farmers Welfare and Agriculture Development Minister Shri Gopal Bhargava said that apart from earning profit, cooperative banks have also achieved success in fiscal field.
Shri Bhargava informed that the campaign spread over about five years to steer cooperative banks out of losses has started to yield results now. The top institution of cooperatives banks, Apex Bank, has earned net profit to the tune of Rs 64 crore during the last five years. Earlier, it was suffering losses to the tune of crores of rupees. Shri Bhargava informed that during the last two years, the bank earned Rs 94 crore profit against which it paid income tax to the tune of Rs28 crore for the first time.
Underlining economic gains of Madhya Pradesh State Cooperative Bank, Shri Bhargava said that its total capital is Rs 2441 which has gone up by Rs 419 crore as compared to last year. Thus, 21 percent increase has been registered. The bank has Rs 444 crore low interest deposits, which have registered 50 percent increase and have gone up by Rs148 crore. Similarly, total loan capital amounts to Rs 2450 crore. It has risen by Rs 355 crore. Fifty-five percent increase has been registered in money deposited in credit accounts. In the same manner, considerable increase in per employee transactions has been registered and they have gone up by 14 percent in comparison to last year. Per employee business has risen to Rs 7.44 crore from Rs 6.52 crore .
Rs 704 crore rise has been registered in the amount of short-term loans. It now stands at Rs 3260 crore which is 27 percent more than the last year. The share capital of the bank has also increased by 26 percent. At present bank’s share capital is Rs 110 crore. On an average, Rs 20 crore increase has been registered in deposits with all the cooperative banks. N.P.A. of cooperative banks has come down by 1.62 percent. The working capital of cooperative banks has swelled by Rs 626.86 crore. At present, cooperative banks’ total share capital is Rs 4248.74 crore with a rise of Rs 17.30 percent.