Mangalore : South Canara District Central Cooperative (SCDCC) Bank recorded a profit of Rs 18.80 crore during the financial year ended on March 31.

Speaking at the annual general meeting of its members, president of the bank, M.N. Rajendra Kumar, said that the profit of the fiscal year has raised to 56% compared to the previous year.

It said that the total business of the bank reached Rs 2925.28 crore against the target of Rs 2710 crore for 2012-13. According to the annual report, there are competition among the highest deposit holding for the banks, without any deposit invested by the state and central government, SCDCC Bank with the help of all its 57 branches have succeeded in collecting the highest deposit of Rs 1565.96 crore for the year 2012-13 and recorded as the first District Central Cooperative Bank in the state.

Rajendra Kumar thanked the farmers for promptly repaying the loans, thus helping the bank to achieve 100 per cent recovery in agriculture loans.

The Bank also has the credit of receiving direct loan from NABARD for the year 2012-13. It has given the direct loan on the basis of Short Term Multi-Purpose Credit Limited.

The bank has the distinction of achieving 100 per cent loan recovery in the agricultural sector for the past 18 years, Kumar said.

The bank has 902 member societies and possesses a share capital of Rs 34.90 crore. The working capital of the bank is Rs 2297.87 crore, he added.

He also said that the bank is planning to provide ‘Rupay Card’ initiated by NABARD for the bearers of Mangala Kissan Card. He further said that the bank has introduced account to account transfer system through RTGS. Internet banking and mobile banking are made available to the users. The bank has installed CCTV’s for the safety and security of banking, he said.

In memory, of the centenary year celebration, the Bank will build a full pledged 5 storey building. The building comprises of air conditioned hall, guest house, training centre and head office which will be inaugurated on the decennial year celebration.

Bank vice president Vinay Kumar Soorinje, directors B Niranjan, M Vadiraj Shetty, Bhaskar S Kotian, Sadashiv Ullal and managing director M Gopalkrishna Bhat, were present.