The last fiscal could be called a year of mixed bag for the Mumbai based Zoroastrian Cooperative Bank. While its total business and advances registered an appreciable growth, it could not keep the same trend in the matters of profit or NPAs.
The UCB posted a net profit of Rs 9.93 crore which was Rs 10.87 crore last year, informed Homai A.Daruwalla, Chairperson of the Zoroastrian Cooperative Bank, while addressing the 91st Annual General Meeting recently at the Homi J. H. Taleyarkhan Memorial Hall, Mumbai recently.
Despite the challenging economic environment, as on 31st March 2018 the Total Business of the Bank stood at Rs.1686.32 crore whereas the total business mix as on 31st March 2017 was 1610.69 crore, said the Chairperson.
She further said, “Advances of the Bank from Rs.530.45 crore in the previous year increased to Rs.623.43 crore recording a growth of Rs.92.98 crore registering an increase of 17.53% which is higher compared to that of the Banking industry overall ”, she said proudly.
Despite all odds, the bank announced maximum permissible dividend @12% for its shareholders, according to the annual report published on the UCB website.
The bank’s total deposit, however decreased and stood at Rs.1062.88 crore as compared to the last year. The Bank’s Gross NPAs has increased at the end of the current Financial Year ended 31st March 2018 from 1.58 percent to 1.69 percent whereas on the issue of the net NPAs the UCB was able to contain it at zero level.
“The past financial year has been a challenging for the Banking Industry at large. Surge in NPAs of Banks, especially Public Sector Banks have been of great concern for the entire Banking Industry”, informed Homai A.Daruwalla, Chairperson.
Meanwhile during the current financial year the bank had no expansion of branches and presently the bank is having a network of 18 branches in two states including Maharashtra and Gujarat.
Readers would recall that Zoroastrian Cooperative Bank CEO Uday A. Shetye was appointed as the new CEO of G P Parsik Cooperative Bank in June this year.
Some of the UCB’s Directors including Dr. Firdos T.Shroff also posted photographs of the AGM on his Facebook wall and gave its details.