Citizens’ Cooperative Bank announces its profits for 2020-2021
After three consecutive years of losses, Citizens’ Cooperative Bank recorded profits in 2020-2021 thanks to effective collections and a decrease in non-performing assets.
Citizens’ Cooperative Bank Limited (CCBL) Jammu improved its financial situation and recorded an operating profit of Rs 2.86 lakh in 2020-2021 against an operating loss of Rs 108.56 lakh during the year previous, said an official spokesperson. The bank, under the direction of the board of directors, took action against defaulters under the provisions of the SARFAESI law and was able to recover Rs 685.81 lakh on NPA accounts in 2020-21, including the recovery of Rs 273.26 lakh was performed in March itself, he added.
Despite the COVID-19 restrictions, the bank improved its financial health and recorded operating profit for the year 2020-21. However, the bank is still grappling with the issue of higher NPAs, ” the spokesperson said.
Management has also taken various measures to improve the bank’s finances in order to maintain and record further improvements in all segments, he noted.
The CCBL managed to turn a profit as the bank’s board of directors formed special turnaround teams to closely monitor on a case-by-case basis to stop the slippage of its loans to NPAs, the holder said. word.
The specific focus on the recovery portfolio also included the decision-making required for the settlement of chronic defaulted loans and recovery by disposing / auctioning off foreclosed properties from defaulters under SARFAESI, including the auction of vehicles seized by the bank, he added.
(This story was not edited by Devdiscourse staff and is auto-generated from a syndicated feed.)