Chennai based Repco Bank crossed a business mix of Rs 17,500 crore in the 2022-23 FY, registering a growth of 8 percent. The bank earned a net profit of Rs 67.42 crore in the current financial year.
Sharing the figures with the Indian Cooperative, the Bank MD R S Isabella informed, “the Bank performed remarkably well across all business segments. The total business of the Bank grew by 8% to Rs 17,746 crore as of March 31, 2023”.
“The total deposits increased by 7% to Rs 9,527 crore and gross advances increased by 9% to Rs 8,219 crore. The Bank’s Profit After Tax (PAT) for the year ending 31st March 2023 stood at Rs 67.42 cr. registering a growth of 10.15%. The net worth of the bank stood at Rs 829 cr. at the end of March 2023”, She added.
Isabella further informed, “The Board of Directors proposed to pay a dividend of 20 per cent for the Financial Year 2022-23 to the participating Governments and all the eligible shareholders”, she said.
Besides, the Gross Non-Performing Asset (GNPA) of the bank declined from 11.13% to 9.43% and Net Non-Performing Asset (NNPA) from 4.97% to 4.17% as on March 31, 2023. “It has been possible only by adopting strong and prudent recovery measures including loan adoption and moderator concepts which also resulted in arresting fresh slippages. The Bank is aiming to further reduce NPA during the current financial year”, She underlined.
During the FY 2022-23, the bank was also recognised with several accolades for its performance on various parameters which among others included the “Best HR Innovation”, “Best Investment Initiative” and Best Collection Initiative” among Co-operative Societies in the National Cooperative Banking Summit, 2022 held at Indore, Madhya Pradesh conducted by Banking Frontiers.
Fulfilling its basic objective of rehabilitation of repatriates, the Repatriate Welfare Trust, formed by the Bank specifically for this purpose, extended aid to the tune of Rs.785.37 lakh under various beneficiary schemes benefiting 36,355 repatriates.
The MD said, the Bank is aiming to reach a business level of Rs 20,000 crore during FY 2023-24 and is prepared to march ahead with a strong sense of purpose towards building a strong and sustainable performance over the next few years with repatriate rehabilitation as prime objective.