Kolhapur based Shree Ravalnath Cooperative Housing Finance Society earned a net profit of Rs 2.23 crore and achieved a business mix of Rs 641 crore as on 31st March 2023.
The society has performed well on all the financial parameters in the 2022-23 financial year, according to the figures released during the 27th Annual General Meeting held last week.
The deposits of the society grew from Rs 341 crore (2021-22) to Rs 380 crore whereas loans increased from Rs 245 crore to Rs 261 crore as on 31st March 2023. Besides, the profit of the society rose from 1.88 crore as on 31st March 2022 to Rs 2.23 crore.
The own fund at the end of the year was Rs 14.2 crore with an increase of 1.31 crore over the previous year. The working capital stood at Rs 434 crore as on 31st March 2023.
Addressing the AGM, the society Chairman Mallappa Chougule said, “The Ravalnath society has completed its 27th year’s journey and is performing well year after year”.
“The Shree Ravalnath Housing Finance Society was established in 1996 at Ajara in Kolhapur district to fulfil the ‘dream house’ of middle-class families. The organization started with 18 members and a share capital of Rs 10 thousand. Today it has more than 10 thousand members and a business of 641 crore”, he added.
Readers would recall that the society received media attention when its Pune branch was inaugurated recently, in which Union Minister of State for Cooperation BL Verma was present.
