KDCC Bank posts Rs. 3.3-crore profit

[sajiv]

Madikeri: The Kodagu District Cooperative Central (KDCC) Bank has posted a net profit of Rs. 3.3 crore for the year 2007-08, according to information available here on Sunday.

The bank has posted a gross profit of Rs. 8.5 crore for the year. The bank's share capital is Rs. 7.08 crore and its deposits are Rs. 2.24 crore. The working capital of the bank has been put at Rs. 381.19 crore. The bank disbursed Rs. 188.02 crore during 2007-08 (March 31, 2008) and of this, Rs. 124.52 crore was lent to the agriculture sector, according to a statement released by the bank. The bank borrowed Rs. 65 crore from the National Bank for Agriculture and Rural Development (NABARD) and the Karnataka Cooperative Apex Bank during 2007-08 and the remaining sum was borne by the bank's own funds.

The bank has a target of disbursing Rs. 170 crore crop loan this year (2008-09). Of this, it has already distributed of Rs. 146 crore.

The bank has also led in terms of loan recovery. Overall recovery rate stood at 97.8 per cent. In the agriculture sector, recovery rate was 96.43 per cent while in the non-agriculture sector, it was 98 per cent. The bank had won the NABARD national award several times in the past for its performance. It has distributed 27,916 kisan credit cards to farmers in the district, the statement added.