Kerala Bank has achieved a net profit of ₹374.75 crore in four months commencing from December 2019 amidst several adversities, including COVID-19.
The profit earned by the bank post amalgamation has helped to bring down the accumulated loss from ₹1,150.75 crore on November 29 to ₹776 crore, Minister for Cooperation Kadakampally Surendran told a press conference here on Tuesday.
He was releasing the first audited balance sheet of the Kerala State Cooperative Bank (KSCB) after merger with 13 district cooperative banks.
The unexpected situation arising out of the COVID-19 crisis had led to a decline in loan recoveries forcing the bank to increase its NPA portfolio. Mr. Surendran said the bank provided ₹1,524.54 crore towards its NPA, more than twice its accumulated loss.
Kerala Bank’s total business is ₹1,01,194.40 crore comprising ₹61,037.59 crore in deposits and ₹40,156.81 crore in advances. The year-to-year growth in deposits is to the tune of ₹1,525.8 crore and that of advances ₹2,026.40 crore.
The bank’s operating profit was ₹155.77 crore on September 30 and it is hopeful of liquidating its accumulated loss and registering a significant performance with profit during this fiscal.
