Maharashtra based Pune People’s Cooperative Bank- a Multi State Cooperative Bank has crossed a business mix of Rs 1750 crore during the 2018-19 financial year and is expecting to double its profit compared to 2017-18 FY.
Reeling off the figures, the chairman of the bank Subhash Mohite said, “Our deposit rose from Rs 1032 crore to Rs 1102 crore whereas loans and advances increased from Rs 584 crore to Rs 670 crore in the 2018-19 financial year. However, the net NPA decreased from 2.89 percent to 2.27 percent and the gross NPA from over 9 percent to 7 percent.
”Besides this, we are eyeing to achieve a business target of Rs 2,000 crore till 2020 and we are hoping that in the next few days the bank will be able to shift its headquarters to a prime location in Pune”, he informed.
“We had bought a land area of 20,000 sq feet at a cost of Rs 7 crore and the necessary construction is still going on. With the opening of the new office all the sections including Data Centre, Loan Section, Meeting Hall will come under one roof. It is 6 storey building”, underlined Mohite who also chairs Pune District Urban Cooperative Bank Association.
In FY 2017-18, the bank earned a net profit of Rs 3.47 crore and is expecting to double its profit in the 2018-19 fiscal year.
” Meanwhile, to expand our branch network we are planning to open 10 new branches across Maharashtra. Presently, the bank is having 24 branches operating in two states-Maharashtra and Karnataka”.
”There is a fierce competition with private banks in the field of interest rates and we are trying our best to retain our customers. There is a lack of borrowers,” Mohite said.
The bank is having a membership base of more than 33 thousand.