According to unaudited reports, the 100 years old Maharashtra based Scheduled Bank Bassein Catholic Cooperative Bank has achieved a business mix of Rs 11,176 crore as on 31st March 2019. The bank vows to achieve a business target of Rs 20,000 crore till 2022.
In a telephonic interview the bank Chairman Onil Almeida informed, “During the year, the financial performance of the bank in the areas of deposit growth, advances growth, NPA management and profitability growth is highly satisfactory considering the negative trend prevailing in the industry”.
The deposits of the bank at the end of the year have increased from Rs 6,098 crore to Rs 6,957 crore registering a 14 percent growth in this FY. The bank loan and advances increased from Rs 4,034 crore to Rs 4,219 crore during the FY 2018-19, reporting a net increase of Rs 383 crore which has been satisfactory, he said while underlining the figures.
The bank’s gross NPA is 4.5 percent and Net NPA remains “Zero” at the end of the FY, Almeida said proudly.
However, the bank also performed well in the field of earning profit and during the year the bank earned a gross profit to the tune of Rs 173 crore.
Now, the bank’s total business mix stands at 11,176 at the end of the financial year. In the previous year i.e. 2017-18 it was Rs 10,132 crore.
Talking about the future goals and targets the bank Chairman said, “The board has now set a challenging goal of achieving a business mix of Rs 20,000 crore by the end of 2022. The land for new spacious premises for the bank’s Head office has been acquired”, he added with a sense of satisfaction.
”Meanwhile, we have also submitted the proposal to Reserve Bank of India for making us a business correspondents because there is huge scope in this. We hope that RBI will give the green light soon”, he asserted.
The bank’s proposal to obtain Multi-State Cooperative Bank’s status is awaiting the RBI approval.
Readers would recall that the bank has completed its 100th Year on 6th February 2018 and organized scores of programs to celebrate the centenary year and inaugurated the bank’s new guest house at Usgaon.
The bank has been honored with the ‘Best Bank’ award by “the Maharashtra Urban Cooperative Banks Federation” for the year 2016-17 in the category of banks having deposits of above Rs 3000 crore, the Bank Chairman said proudly.