VASCO
The Sahakar Urban Credit Cooperative Society Ltd (TSUCCSL), Vasco, on Tuesday evening announced a net profit of Rs 1.09 crore for the financial year 2024–25 and revealed plans to declare a 12% dividend to its shareholders.
Addressing a news conference, SUCCSL Chairman Uday Prabhu said the society had received an “A” category audit classification, marking a major milestone in its financial and operational growth.
“After the year ending 2024–25, our society’s net profit stands at Rs 1.09 crore, and we will convene a general body meeting on June 22, where we will announce a 12% dividend to our shareholders after necessary approvals,” Prabhu said.
“The ‘A’ audit category classification following an audit by our chartered accountant reflects the improved standard of our society.”
He further stated that the new board took charge on October 29 last year, after the society had been under an administrator for nearly 3.5 years.
“Our full panel won the elections, and we owe this success to our founder members, shareholders, and pigmy collectors who supported us. Our credit society has now become the number one society in Vasco, and our profits are a testament to that achievement,” said Prabhu.
Outlining the society’s future plans, Prabhu said they were looking to expand and modernise services.
“We plan to shift our Sada branch to a new office and are participating in the tender process for the new municipal market at Sada. We have also proposed to increase the personal loan limit from Rs 10 lakh to Rs 25 lakh and the housing loan limit to Rs 50 lakh. Additionally, we intend to restart the gold loan scheme, which had been discontinued for some time. All these proposals will be placed before the general body for approval,” he added.
He stated that the SUCCSL has been leading the way among urban cooperative societies in Goa in terms of financial compliance and timely governance.
“In Goa, societies have 45 days after the end of the financial year to submit their balance sheets and hold a general body meeting by September 30. We are the first and only urban cooperative society to have completed our audit and are set to hold our general body meeting on June 22,” Prabhu noted.
SUCCSL also emphasised its commitment to social responsibility, especially through utility bill payment services.
“We were the first society in Goa to accept water bills and later expanded to electricity bills. While many now pay these bills online, some still rely on us. The society earns nothing from this service and cannot even cover the staff salaries for this work, but we continue it as a social cause,” said Prabhu.
“We are now planning to open a dedicated counter for bill payments at our head office near Annapurna Hotel, Vasco.”
The news conference concluded with assurances of continued member-focused growth and a vision to strengthen SUCCSL’s position as a leading cooperative society in Goa.
