Mumbai based Punjab & Maharashtra Cooperative Bank has hit the century in profit and earned a net profit to the tune of Rs 100.90 crore in 2017-18 FY as against Rs 96.04 crore for the previous FY 2016-17.
Another accomplishment of the PMC Bank is that the bank has crossed Rs 10,000 crore deposit mark in June, 2018. In FY 2016-17 the total deposit of bank stood at Rs 9,012 crore whereas in FY 2017-18 it was registered as Rs 9,938.85 crore.
The bank Chairman S.Waryam Singh shared this information during its 35th Annual General Meeting at Asian Banquets, Filix Tower in Mumbai last week. The total loan and advances of the bank for FY 2017-18 is Rs 7,457.50 whereas in FY 2016-17 it stood at 6,438.23.
He further said, “The bank has announced 11 percent dividend for its shareholders. The bank has been successful in containing Net NPAs at a considerably low percentage i.e. 1.05 percent while gross NPAs stood at 1.99%”, he added.
During the year the PMC Bank has expanded its network and opened 9 branches during the FY 2017-18 and 3 branches during April-June 2018. At present, the bank now has a strong network of 137 branches across 7 states.
In a bid to contribute towards CSR, the Rupee One per ATM transaction for the year 2017-18 amounting to Rs 16 lakh was donated to CRY and Save the Children. The Bank has also donated a sum of Rs 11 lakh to Nishan-E-Sikhi foundation for imparting training to women aspirants for Police and Para-Military forces.
“The bank has an investment of Rs 2,737.95 crores as on 31st March 2018, out of which an amount of Rs 2,320.13 crore has been invested in the Government approved securities”, he said. .
The bank has been constantly updating and upgrading its Information Technology to keep pace with the growing needs. Bank is significantly investing in offering Digital Services to its customers keeping in pace with the commercial banks.