Maharashtra’s leading Lokmanya Multipurpose Cooperative Society crossed the business mix of more than Rs 12,000 crore and earned a net profit of Rs 18.20 crore as on 31st March 2023.
In his message to shareholders, the society Chairman Kiran D Thakur said, “We here at Lokmanya continue to work hard and provide excellent services to our depositors (members). This journey of 28 years has been a phenomenal journey. I thank each one of you, who have been a part of this momentous journey”.
“We shall continue to work hard and achieve greater heights in business performance. This year we have tied up with RBI approved banks and NBFCs to provide loans at a low cost to our customers. I am very thankful to the members and the dedicated staff of Lokmanya without whom this remarkable journey was not possible”, Thakur underlined.
He further added, the society had achieved a tremendous performance despite the challenging phase. This year our performance surpasses that of the previous year. During the 2022-23 FY, the society has staged an excellent performance in the core sector. Core income streams such as interest on loans and investments and commission on insurance business showing an impressive growth”.
The business mix grew from Rs 11,259 crore (2021-22) to Rs 12,964 crore in the 2022-23 FY. The deposits of the society increased from Rs 6,102 crore to Rs 7202 crore whereas loans & advances rose from Rs 5,157 crore to Rs 5,762 crore as on 31sr March 2023.
The deposits grew by 18.03 percent and loans by 11.73 percent. The figures were revealed during the 29th Annual General Meeting of the society held in Pune recently.
Besides, the working capital of the society stood at Rs 7,485 crore in the 2022-23 FY.
As a multistate, multipurpose cooperative society, Lokmanya operates in four states, namely Karnataka, Maharashtra, Goa, and Delhi, with a widespread presence through its 213 branches.
It bears recall that recently Lokmanya Multipurpose Cooperative Society shifted its head office from Karnataka to Pune at a new location. It has been set up at Law College Road, Pune.