Panaji: Goa State Cooperative Bank (GSCB), the state’s apex cooperative bank, presented another year of consolidation in profitability with the board of directors disclosing a net profit of Rs 11 crore for 2024-25, from Rs 4.8 crore in 2023-24.
Post an executive committee meeting on Wednesday, GSCB chairman Ulhas Phaldessai said that the doubling in profits is despite a significant increase in setting aside of funds for reserves and higher provisioning for bad and doubtful debts, contingencies, etc.
He said that the bank contained its gross non-performing assets (NPA) to 4 per cent during the year, while the net NPA was brought down to
2.3 per cent in 2024-25. In the previous year, the gross and net NPA was 4.2 per cent and 2.5 per cent respectively. “Both the gross and net NPA levels are below the RBI bench mark,” said Phaldessai, adding that the bank board has prepared a five-year business plan which is targeting a 42 per cent increase in business by 2029.
The bank is presently focusing on introducing new digital technologies for customers and received approval for granting CGTMSE loans to MSME units up to Rs 1.8 crore, he said.
GSCB has also set up a business development and product innovation cell with assistance from NABARD to extend support to primary agricultural cooperatives (PACs). It supports 3,872 SHGs of which 206 are credit linked with outstanding loan amount of Rs 5.8 crore. Additionally, the bank has financed 335 joint liability groups (JLGs) which have outstanding loan of Rs 8.6 crore.
“The bank now is avoiding exposure to a single sector and diversifying its loan portfolio. The focus is on MSME loans and introducing new products that will help to continue the journey of both expansion in business and profitability,” said the chairman.
GSCB business mix grew from Rs 3,484 crore in 2023-24 to Rs 3,607 crore in 2024-25.
The CD ratio stood at 49.9 per cent with advances totalling Rs 1,201.3 crore. The CRAR improved to 12.7 per cent from 12.3 per cent in 2023-24.
The deposits stood at Rs 2,405.6 crore in 2024-25, vis-à-vis Rs 2,359 crore in the previous year.
The paid up share capital improved to Rs 91.8 crore as on March 31, 2025, compared to Rs 90.7 crore a year back. GSCB has 54 branches presently and has put branch expansion on the hold instead focusing on increasing loans.
“The bank had received Rs 30 crore of share capital infusion from the state government. The money is being repaid back by about Rs 5 crore every year,” revealed Phaldessai.
GSCB endured a prolonged phase of losses since 2012 due to the mining NPAs and returned to profits for the last 4 years. “The bank is now in a financially strong position,” pointed out Phaldessai.
