Odisha State Co-op Bank beats past records; earns Rs 229cr profits

Odisha State Cooperative Bank (OSCB), which completed 75 years of its existence, has performed well on all the financial parameters in the 2022-23 FY. The bank registered a growth not only on earning handsome profit in the 2022-23 FY but its business mix also increased by Rs 3000 crore.

The bank earned a net profit of Rs 229 crore as on 31st March 2023, beating all its past records. Earlier i.e. in 2021-22, it was Rs 143 crore. Besides, the business mix of the bank increased from Rs 25,309 crore (2021-22FY) to Rs 28,388 crore in the 2022-23 FY.

The deposits of the bank grew from Rs 10,866 crore in the 2021-22 FY to Rs 12,034 crore inthe 2022-23FY at a growth rate of 11 percent. The aggregate loans and advances increased from Rs 14,443 crore in 2021-22 to Rs 16,354 crore in 2022-23 at a growth rate of 13 percent.

Besides, the investment of the bank increased from Rs 6,751 crore in 2021-22 to Rs 6,873 crore in 2022-23 with a growth rate of 2 percent. The share capital grew from Rs 773 crore to Rs 845 crore in the 2022-23 FY, with a growth rate of 9 percent.

Meanwhile, the bank announced plans to organize its 76th General Body Meeting on 28th July 2023 in the conference hall of the bank in its registered office at Bhubaneswar.

It bears recall that the bank organized a gala event in April 2023, to mark its Platinum Jubilee. Odisha Governor Prof. Ganeshi Lal, State Cooperative Minister Atanu Sabyasachi Nayak, attended the event among others.

OSCB at the apex level is the leader of Short-Term Cooperative Credit Structure (STCCS), which includes 17 District Central Cooperative Banks (DCCB) and 2710 Primary Agriculture Credit Cooperative Societies (PACS).

At present, Prasad Dora is the Chairman of the bank. He is the well-known face in Delhi cooperative circles and took over the charge in March 2023. Besides, Uddhaba Chandra Majhi, IAS is the Managing Director.