With the right conditions prevailing at the share market , Cosmos Bank as all other private and PSU banks took the plunge in the trading business making a whopping profit of Rs.125 crore in the first seven months of this financial year, claimed Mukund Abhyankar, the Group Chairman of Cosmos Bank.
“In the last entire Financial Year Cosmos Bank’s Treasury Department could garner profit of only Rs.28.72 crore. But within just first 7 months of the Financial Year 2016-17 the Treasury Department has already made a profit of Rs.125 crore and in that Rs.6 crore profit was achieved in one day that was Friday, 21st October”, read a mail sent by the second largest UCB in the country.
The Bank has also recovered total amount of Rs.110 crore from two big NPA accounts and begun a successful confiscation campaign. . Dr. Mukund Abhyankar stated that this Financial Year will be favorable and promising for Cosmos Bank.
In the Annual General Meeting of Cosmos Co-operative Bank, the shareholders had unanimously accepted dividend at 10%. The shareholders are enquiring at the branches as to when this dividend will be credited to their accounts, read the press release.
Every year the Reserve Bank of India’s Inspection is completed by 30th September. But this year the Inspection Team of RBI has already been scheduled at other co-operative banks. Hence the RBI Inspection at Cosmos Bank will be conducted shortly. After the completion of the RBI Inspection, the dividend will be credited online in the accounts of the shareholders. Hence there is absolutely no need to worry, informed Dr. Mukund Abhyankar.
Dr. Abhyankar also declared that recently, the Bank’s Chinchwad branch shifted to new and spacious premises at Shri Agrasen Bhavan, near Jayashri theatre on Pune-Mumbai Road. The efficient and courteous staff of the branch are looking forward to give the best of their services from the new premises, he promised.
Cosmos Bank is one of the leading co-operative banks with 140 branches in 7 states with over 20 lac customers, boasts the press release.