Chennai, Mar 21:
Repco Bank, a Government of India Enterprise under the administrative control of Ministry of Home Affairs has crossed a landmark business of Rs.15000 crore in its Golden Jubilee year with a total deposit of Rs.8669 crore and Advances of Rs.6337 crore.
Repco Bank is a continuous profit making institution with a Profit after Tax (PAT) of more than Rs.100 crore for the past 5 years and the Bank expects to post a profit of more than Rs.110 crore in the FY 2018-19 and a dividend of 20% to its shareholders.
Repatriates Welfare Trust, a special initiative of the Bank, undertakes various welfare schemes for the repatriates such as Education Aid, Medical Aid, Group Insurance etc.
During the current year, Rs.7.20 crore was spent benefitting around 37500 repatriates which is the highest ever in the history of the Bank, says R.S. Isabella, Managing Director who has assumed charge as regular Managing Director on February 14. She was the earlier Executive Director / Managing Director in-charge for the last 3 years. During her tenure, many new repatriate benefit schemes were introduced and the membership of repatriates as well as number of beneficiaries under the various schemes grew manifold. She further added that the strong financial parameters of the Bank and dedicated strong work force have alone led to this remarkable growth of the Bank and enabled the process of repatriates rehabilitation to the maximum.
Established in 1969 with the prime objective of rehabilitation of repatriates from Sri Lanka, Burma, Vietnam and other countries, the Bank is one such unique institution which caters to the repatriate community. The Bank has its presence in 108 centres with member customer base of more than 10 lakh and staff strength of around 1300. The Bank is a renowned institution under the cooperative sector and has a strong financial base with a net worth of around Rs.800 crore. The growth rate under Deposits & Advances is around 11%. The Bank has lowest levels of NPA with stable asset quality and lowest levels of delinquency.
Repco Micro Finance Ltd., another group institution promoted by the Bank is providing yeomen services in the upliftment of women through micro credit for Women Self Help Groups and is about to reach Rs.1000 crore of Business Mix with more than 5 lakh beneficiaries for the financial year ending 31.03.2019.
Recently the Company has received a Gold Award from SKOCH group during the 55th SKOCH Summit held at New Delhi in the category of Micro Credit for Women Self Help Groups.
Repco Home Finance Ltd., another arm of Repco Bank, a listed company has presently a business turnover of Rs.10666 crore with a customer clientele of 75500 and a leading housig finance institution in the country.