SCDCC bank records all-time high profit of Rs 110.41 crore; declares 10% dividend

MANGALURU: The South Canara District Central Co-operative Bank (SCDCC) recorded an all-time high profit of Rs 110.41 crore in 2024-25 and declared a 10% dividend for its member societies, said the bank’s President, M.N.

Rajendra Kumar, at its 111th annual general meeting on Saturday. Presiding over the meeting at the bank auditorium, Kumar said the SCDCC Bank has successfully completed 111 years of service, continuing in the true spirit of co-operation while steadily progressing on the path of development. Currently, all 113 branches of the bank offer internet and core banking services, along with innovative facilities such as a mobile app and tab banking. Plans are also in place to launch Interbank Mobile Payment System and Unified Payments Interface (UPI) services. The bank further aims to open 10 new branches this year. The bank achieved a total business of Rs 17,366.68 crore, surpassing its set target. It mobilised Rs 7,882.76 crore in deposits across its 113 branches, making it the top district central co-operative bank in Karnataka for deposits. Advances stood at Rs 7,775.44 crore. The bank has 1,086 member co-operative societies, a share capital of Rs476 crore, working capital of Rs 12,764.99 crore, and reserves worth Rs 269.45 crore.

The SCDCC Bank achieved 100% recovery of agricultural loans during the year, a record it has maintained consistently for the past 30 years. In addition, 34,621 self-help groups (SHGs) have been formed through affiliated co-operatives, with collective savings of Rs174.31 crore. Loans have been extended to 34,613 SHGs, with outstanding dues of Rs 497.36 crore. At the AGM, Presidents and Chief Executives of 17 primary agricultural co-operative societies that achieved 100% loan recovery were honoured with certificates. As many as 10 retiring SCDCC Bank employees and 10 retiring CEOs of primary co-operative societies were each honoured with Rs 50,000.