Gujarat : Kheti Bank Achieves Stellar Growth with Profit Soars to Rs 91 Crore with Zero NPA

Ahmedabad : The Gujarat State Co-operative Agricultural and Rural Development Bank, popularly known as Kheti Bank, has capped off a phenomenal financial year with a gross profit of Rs 91 crore as of March 31st, 2024. This impressive achievement is further bolstered by the bank’s remarkable accomplishment of maintaining a “Zero” percent Non-Performing Asset (NPA) ratio.

Loan Disbursement and Recovery Reflect Strong Performance

Kheti Bank’s performance extends beyond profitability. Throughout the year, the bank disbursed a substantial amount of loans totaling Rs 837 crore.  Demonstrating a commitment to responsible lending practices, the bank also achieved a commendable loan recovery of Rs 295 crore.

Chairman Credits Leadership and Cooperation for Success

In a message to stakeholders, Kheti Bank Chairman Dolar Kotecha expressed his gratitude for the guidance and support that have fueled the bank’s success. “We take immense pride in championing the mantra of ‘Prosperity through Cooperation’ set forth by our esteemed Prime Minister, Shri Narendra Modi, and the visionary leadership of Shri Amit Shah, our nation’s Home Minister and Cooperation Minister,” Kotecha stated.  He further highlighted how this leadership has been instrumental in shaping the bank’s achievements.

Record-Breaking Profits and Maintaining a Clean NPA Record

Kotecha underscored the bank’s consistent track record of financial strength. “We are thrilled to announce our outstanding achievements,” he declared.  He pointed to the previous year’s Net Profit of Rs 51.19 crore, which established a significant milestone with a groundbreaking “0%” NPA status.  Kotecha went on to emphasize that the bank has continued its upward trajectory this year, achieving a stellar Gross Profit of Rs 91 crore and a Net Profit of Rs 65 crore, all while maintaining its exceptional “0%” NPA record.

Impressive Loan Disbursement and Sound Recovery Practices

Kotecha elaborated on the bank’s lending prowess. “Our lending prowess reached unprecedented heights in the fiscal year 2023-24, with loans disbursed amounting to an impressive Rs 837.89 crores,” he stated.  He further highlighted the bank’s commitment to sound banking practices, evidenced by the commendable loan recovery of Rs 295.72 crore.

Gratitude for Support and Looking Towards the Future

Expressing sincere appreciation, Kotecha emphasized the importance of collaboration. “We extend our heartfelt gratitude for your invaluable support, which has been the cornerstone of our success,” he declared. Kotecha, who also serves as the Chairman of Nafcard, concluded by emphasizing the bank’s commitment to continued growth.  “As we embark on this journey together, let us continue to strive for even greater accomplishments, driven by the spirit of cooperation and prosperity,” he remarked.

Widespread Network Poised for Further Growth

Kheti Bank boasts a well-established network across Gujarat, with 17 district offices and 176 branches at the taluka level. The bank’s infrastructure includes 148 buildings, encompassing the premises of 16 district offices and 132 branches. This extensive network positions Kheti Bank to play a vital role in promoting agricultural and rural development in the state.