MAPUSA
The Our Lady of Milagres Urban Co-operative Credit Society Ltd has strengthened its financial position, with deposits crossing the Rs 457-crore mark and advances nearing Rs 292 crore during 2025-26.
The society’s deposits grew 7.83 per cent during the year to Rs 457.71 crore, an increase of Rs 33.24 crore over the previous year. Advances also rose 7.27 per cent to Rs 291.50 crore from Rs 271.74 crore.
The society posted a net profit of Rs 1.20 crore after making necessary provisions and has proposed a 12 per cent dividend for its members.
Despite the expansion in its loan book, gross NPAs remained relatively contained at Rs 70.09 lakh, or 2.40 per cent, compared with Rs 66.11 lakh (2.43 per cent) a year earlier. The society reported nil net NPA, with provisions for bad and doubtful debts standing at Rs 1.63 crore.
Gold lending emerged as a major component of the loan portfolio, with outstanding gold loans rising to Rs 148.79 crore. Branches sanctioned 1,564 gold loans worth Rs 151.92 crore during the year.
The society’s membership also increased to 17,705, with 159 new members admitted during the year.
The board has proposed allocating Rs 29.89 lakh to the statutory reserve fund, Rs 23.91 lakh to the deficit fund and Rs 18.35 lakh towards the proposed dividend. A further Rs 34.95 lakh of the balance profit has been proposed for building, staff training and social welfare funds.
The society, which had 37 employees as on March 31, received an ‘A’ grade classification after its statutory audit for 2025-26.
