Maharashtra based Solapur District Central Cooperative Bank, which had been in loss since 2018, wiped all the losses in the 2022-23 financial year and earned a net profit of Rs 34.75 crore.
In the said financial year, the Bank has performed well on all the financial parameters and crossed the business mix of Rs 7800 crore as of 31st March 2023.
It is worth a mention that in 2021-22, the bank had accumulated a loss of Rs 152 crore.
Reacting to this, the Bank CEO Vilas Desai said, “Yes, it’s true that we are able to come out of the red. It is possible only due to the efforts of different stakeholders associated with the Bank.”
“It is worth mentioning that the former Administrator Shailesh J Kotmire and current administrator Kundan Bhole have played an active role in wiping out all the losses”. he remarked.
“Meanwhile, in the current financial year, we are looking forward to recovering outstanding dues and hoping that the net NPA level would be down from 11.5 percent to below 7 percent at the end of the current financial year. We are leaving no stone unturned in taking the Bank to newer heights”, Desai asserted.
Desai further added, since past many years shareholders are not getting the dividend but in the span of one or two years, the bank will be in position to disburse the dividend. We are bringing many reforms in improving the day-to-day activities of the bank.
As of 31st March 2023, Solapur DCCB deposits and loans stood at Rs 4,223 crore and Rs 3,656 crore respectively. The bank earned a gross profit of Rs 187 crore. Besides, the bank’s own fund stood at 1002 crore.
It bears recall that in the wake of financial irregularities, on the orders of RBI, the Maharashtra Government dissolved the board of directors of Solapur DCCB and appointed administrators in the bank in 2018. The bank was in control of NCP leaders.
Solapur DCCB has a network of 208 branches. The bank was in headlines recently, when the Uttarakhand Cooperation Minister Dr Dhan Singh Rawat visited the headquarters of the bank and interacted with officials.