Kerala-based Pride Multi-State Credit Cooperative Society performed exceptionally well in the 2023-24 financial year, registering a remarkable 145 percent growth in its overall business portfolio. The society’s total business increased from Rs 127.35 crore in FY 2022-23 to Rs 312.98 crore as of March 31, 2024.
During the inauguration of the society’s 11th Annual General Meeting, Union Minister Suresh Gopi graced the event. Chairman Dr. N. Sairam stated, “We are targeting a business turnover of Rs 3,000 crore with 4 lakh members by the end of March 2027.”
He elaborated, “We have formulated a roadmap to increase our business volume in the coming years through multiple channels. We need the support of our business affiliates and members to generate leads and establish our presence in the 16 states where we hold operational licenses—Kerala, Andhra Pradesh, Assam, Bihar, Chhattisgarh, Delhi, Gujarat, Jharkhand, Maharashtra, Meghalaya, Odisha, Rajasthan, Sikkim, Tripura, Uttar Pradesh, and West Bengal.”
Dr. Sairam further emphasized, “We are in the process of acquiring operational licenses in additional states to enhance our business. We will also seek approval from the Central Registrar to open more branches,” he added.
During the year, the society’s deposits grew from Rs 66.52 crore to Rs 173.01 crore, while loans and advances increased from Rs 53.93 crore as of March 31, 2023, to Rs 109.54 crore as of March 31, 2024. Additionally, the society earned a net profit of Rs 3.17 crore in FY 2023-24.
The Chairman of the Society emphasized that despite the irregularities committed by the previous Board, the new Board, which took over in 2021, has significantly improved the Society’s business and financial parameters, including membership, business volume, and profitability, over the last three financial years.
In the 2023-24 financial year, Pride Credit Co-Operative Society Ltd. opened seven new branches to cater to members in various regions, bringing the total network to around 40 branches, most of which are in Kerala. The society has also proposed opening additional branches in multiple states, pending shareholder approval.
Notably, the society has moved into a new head office in the heart of Kozhikode town and opened a zonal office in Aluva to streamline loan and business operations.
