HARCO's net profit for 2015-16 grows 47%

CHANDIGARH: The Haryana State Cooperative Apex Bank (HARCO) reported a growth of 46.9 per cent in net profit at Rs 23.8 crore for 2015-16 from a year ago period.

This was disclosed at a meeting held under the chairmanship of Haryana Minister of State for Cooperation Bikram Singh Yadav here today to review the financial position of the bank.

The bank's gross profit came in at Rs 41.9 crore for 2015-16 as against previous fiscal's Rs 27.8 crore.

Yadav also released audited results of HARCO Bank for 2015-16, an official release said.

He added that the recovery percentage of the lender stood at 99.66 per cent for 2015-16.

The minister also asked all Central Cooperative Banks to achieve the target of rabi recovery season 2016.

The bank advanced loans of Rs 7608.1 crore during 2015-16 compared with Rs 6748.6 crore during 2014-15.

HARCO Bank MD C M Singal informed that core banking solutions (CBS) has been implemented at the bank and all Central Cooperative Banks.

He also added that the Rupay Debit Cards and Rupay Kisan Cards, Aaadhar Enabled Payment System (AEPS), e-KYC, IMPS services, mobile banking, foreign exchange and ATM services will be provided during 2016-17.