At the outset, on behalf of the Board of Directors, I wish to express my gratitude towards all of our stakeholders, account holders, our highly enthusiastic team of staff and well-wishers, who have always been with us throughout our journey for the last 58 years. Without their utmost support and cooperation, we could not have achieved the position of being one of the leading banking service provider for our community, in the Cooperative Banking Sector.
It all started around 58 years ago, in the year 1965, when few philanthropic and visionary gentlemen filled with the spirit of cooperative brotherhood took the challenge of meeting the banking needs of Surat. Since then, many leaders of our community have served this financial institution with the singular intent of making the Bank a great household name not only in Surat but throughout South Gujarat. They have rendered selfless services for Bank’s steady growth.
We are proud of the growth, the Bank has achieved since its inception and especially in the last 4 years. As the Chairman of the Bank, I am proud of our team to give the highest level of quality services to our customers and esteemed members. Under the dual control of the RBI regulatory mechanism and state co-operative department, our customers get a maximum security cover under DICGC Scheme just like any other Nationalized Bank.
Taking into consideration the various changes taking place in the Indian banking sector, our Bank has always strives to adopt the latest technological advancements to stay at the forefront in rendering safe, secure and convenient banking services to its customers. The Bank will continue, to make all the efforts to deliver innovative and responsive banking products and services of highest quality and value thereby nurturing everlasting customer relations on a strong platform of trust and confidence.
In this era of digital transformation, THE SURAT MERCANTILE CO-OP BANK LTD has once again established itself as a leader in the cooperative banking sector in introducing Mobile Banking, IMPS & UPI, NEFT/RTGS & PPAY dynamic banking transaction modules. The Bank has also witnessed many challenges throughout its long history. These challenges have not only enriched us but also instilled confidence in us. We are now well positioned to address on-going challenges and opportunities and achieve new heights. The Bank is looking forward to your continuous support and patronage as we embark on our journey from being the most preferred to become the most favourite Bank!
We proudly call ourselves as an “Uncommon Bank of Common People". The bank renders the banking services with Innovative technologies to its more than 22902 shareholders and more than 265773 satisfied customers via 13 branches in SURAT. Our Bank remains at the forefront of the digital age with innovative features. We are always one click away to our esteemed customers and patrons on the internet at our website (www.sumcobank.com), on social media on Facebook, and through email at customercare@sumcobank.com. By utilizing mobile banking facility, our customer are able to generate statement of account, request chequebook, and stop payment of cheque from anywhere.
We are providing a strong support to the society by supporting the theme, VOCAL FOR LOCAL, which has been introduced by Hon. Prime Minister Shri Narendra Modi.
Our employees are the most valuable assets of the Bank. As a commitment to its employees the Bank has fulfilled its promise and paid all the dues of arrears of salary and other rights of employees from 2014 to 2023. Bank has arranged seminars and sent employee teams for various training programme organised by SCOBA and other institutions, for their professional growth. Also, recognize that bank's team uploads customers' data to CICs- Credit Information Company on a monthly basis. In addition, the bank also compulsorily registers the properties mortgaged by its loan customers on the CERSAI portal.
All the branches are now upgraded to digital banking transactions (facility). For the first time in our 58 years of existence, the Bank has achieved a NPA position of 2.42 % the Financial Year ended on 31st March 2023 and a net profit of Rs. 4.11 Crore before tax. Every year we have been paying a handsome dividend of 12% to our shareholders. The Bank continues to expand its services and introduce new products. Our staff members are professionally trained and customers at every branch are accorded warm welcome and rendered the best of service. The Bank offers free IMPS as well as UPI facility via Mobile Banking Application to our customers. Customer Satisfaction and Growth of the Bank - remains the mantra of our team and we are working hard towards this goal.
Today the bank has crossed business of Rs. 956 crores by adopting the values and principles of founders and co-operative system. With the right decisions, the Bank aims to grow annually at a rate of 5.05 % while continue to help the common man to prosper in their life within the framework of banking rules and regulations in the country.
Bank is performing financially as well as socially, and recorded Golden Moments in the banking in the last 58 years due to Strong support, co-operation, involvement and the best wishes of honorary members, customers and dedicated staff members of the bank.
Our achievements over the past period are a clear demonstration of the sound business strategies the management has adopted even in difficult times. All these achievements would have not been possible without the dedication, loyalty and hard work of all staff members and the executive management team whose efforts helped in maintaining the Bank’s position to the highest standards among the top ranked banks.
Our achievements during the last financial year 2022-23,
During the year, our bank was awarded three prestigious award at the 14th SCOBA pride award (SPA-2022) function held at Guwahati Assam on 6th September, 2022.
I am grateful to all our shareholders, customers, staff, stakeholders, and the community at large for their unflinching cooperation and support. I hope you will continue to support and guide the Bank to realize our dreams of fulfilling our ambitions and reaching greater heights. Let us all work together, united, to achieve wholly the vision of the founding fathers of our Bank.
Wishing a Prosperous New Financial Year 2023-24. With warm regards,
SUMCO - A seal of confidence will secure your future.
