A recent press report said that Kozhikode District Co-operative Bank has recorded more than 50 per cent growth in net profit during 2010-11. The bank’s net profit stood at Rs 6.32 crore as against Rs 4 crore in the previous year. The bank officials said that the growth in profit was the highest in the 94-year history of the bank and that the total business of the bank was to the tune of Rs 2,863.93 crore, which was 16.23 per cent more than the business of Rs 2,464 crore achieved in the previous year.
Reports said that the bank’s outstanding advances as at the end of the year were Rs 1,363.07 crore, which represented a growth of 25 per cent over the Rs 1,090.32 crore the year before. The loans to cooperative societies were at Rs 365.05 crore.
The bank has initiated three new loan schemes for the agriculture sector. The bank offers home loans, personal loans, gold loan, consumer loan etc. The bank as part of its new loan scheme has planned to offer financial assistance for planting dwarf variety of coconut trees, replacing old trees with low productivity; interest-free loan to Kudumbasree and self-help groups for taking up fruits and vegetables farming; and loan for opening fish selling outlets at four to seven per cent interest rates.