Karimnagar: The Telangana State Cooperative Apex Bank (TSCAB) achieved extraordinary performance and made a profit of Rs 67.20 crore in fiscal year 2020-2021, even during the Covid-19 pandemic situation. From 51.15 crore rupees in 2019-2020, there has been an increase of 31.38%, said TSCAB Chairman Konduru Ravinder Rao.
In a statement released here on Monday, he said that since TSCAB’s formation in 2015, fiscal year 2020-2021 has been the best year for Apex Bank as it has surpassed all targets set during the fiscal year. With only 0.14 percent of gross NPA (non-performing assets), TSCAB set a record among all state cooperative banks in the country with the lowest NPA.
Bank deposits increased from Rs 4,644.69 crore in 2019-2020 to Rs 5,466.41 in 2020-2021 with an increase of 17.69%. Loans and advances increased from Rs 6,202.46 crore in 2019-2020 to Rs 7,802.50 crore in 2020-2021 with a growth rate of 25.80%. There has also been an increase in gold lending from Rs 530 crore to Rs 662 crore, recording an increase of Rs 132 crore, he informed.
TSCAB Managing Director Dr Nethi Muralidhar said state bank Apex has emerged as the best and has achieved its goals in all parameters with increased business, share capital, deposits, loans and profits, etc. under the leadership of its chairman K Ravinder Rao and its board of directors. He said that with the collective teamwork of TSCAB and the support of CEOs and DCCBs, the bank has set a goal of doing business of Rs 16,000 crore during 2021-2022.
Muralidhar also said that Apex Bank is progressing well due to excellent governance with professional management in a transparent manner.
“Technically also, we are the best cooperative bank in the country and provide all IT services such as internet banking and 24/7 Cybersecurity Operations Center (C-SOC), on par with n ‘any nationalized bank,’ he said.