Chennai-based Repco Bank has made headlines by presenting a dividend cheque of Rs 19.08 crore to Union Home and Cooperation Minister Amit Shah.
The cheque was personally handed over by Repco Bank Chairman E. Santhanam to the Minister, with the bank’s Managing Director, O.M. Gokul, also in attendance.
Union Cooperation Minister Amit Shah took to social media to congratulate Repco Bank on its impressive achievements, particularly highlighting the bank’s 11% growth rate in the 2023-24 financial year. In his message, Shah praised the bank for its dedication, stating, “The bank, under the administrative jurisdiction of the MHA, has proven what commitment to serving the nation can achieve.”
Repco Bank has reached a major milestone by crossing a business mix of Rs 20,000 crore. The bank earned a net profit of Rs 70 crore in the fiscal year 2023-24, reflecting its strong performance across all business segments. The total business of the bank grew from Rs 17,747 crore in 2022-23 to Rs 19,636 crore as of March 31, 2024.
During this period, Repco Bank saw an increase in its total deposits, which rose from Rs 9,527 crore to Rs 10,583 crore. Similarly, the bank’s advances grew from Rs 8,219 crore to Rs 9,053 crore. As of March 31, 2024, the bank’s net worth stood at Rs 846.33 crore.
In addition to its growth in business, Repco Bank achieved a reduction in its Gross Non-Performing Assets (GNPA), which declined from 9.43% to 8.46%. The bank also saw a decrease in its Net Non-Performing Assets (NNPA), which dropped from 4.17% to 3.67%. The bank has set a target for further reductions in NPAs during the current financial year.
As of the end of March 2024, Repco Bank’s share capital stood at Rs 152.25 crore. The Government of India holds Rs 76.32 crore, while the governments of Tamil Nadu, Andhra Pradesh, Telangana, Kerala, and Karnataka also have share capital in the bank. Repatriates and other ‘A’ class shareholders hold Rs 66.22 crore in share capital.
Repco Bank’s recent successes have been recognized with awards for “Best HR Innovation,” “Best Investment Initiative,” and “Best Collection Initiative” in the National Cooperative Banking sector.
The bank continues to expand its operations, currently managing a network of 108 branches.