Saraswat Bank: 57% rise in profit; plans bash in 100th yr

Beating the ills of demonetization as well as the sluggish economic pace in the country, the leading urban cooperative bank in the country Saraswat Co-op Bank registered a growth of 57% per cent in its profit this year, said its Chairman Gautam Thakur in the recently concluded Annual General Meeting held at Ravindra Natya Mandir, Prabhadevi in Mumbai.

The total business mix of the bank increased from Rs 51, 861.95 crore as on 31st March 2016 to Rs 55,273.49 crore as on 31st March 2017. Its business growth thus was at 6.58 percent this year.

Saraswat Bank’s young and dynamic Chairman Gautam Thakur also informed the members about the mega bash the UCB is planning in the wake of it completing 100 glorious years. Another major co-operative of the country IFFCO is currently celebrating its Golden Jubilee year.

“Your Bank will be stepping into its 100th year very soon. We have planned yearlong celebrations in the Centenary Year commencing from 14th September, 2017. A process of consultation with various stakeholders of the Bank has already been initiated to develop a centennial vision of the Bank”, said Thakur.

It was UCBs’ 99th Annual General Meeting and the Report prepared by the Board of Directors and signed by Chairman Gautam Thakur touched upon all issues from local to global in the field of banking and finance sectors.

The comprehensive Report encompasses both micro and macro pictures such as demonetization, Bhim apps, RBI regulations, performance of the UCB sector in the year, performance of each and every department of the Bank, staff-members’ productivity and several issues. It ends expressing thanks to share holders, employees, RBI and both the Central and State govts for their support.

The Report says “The gross profit of the bank has increased from Rs 367.41 crore in 2015-16 FY to Rs 577.50 crore in FY 2016-17. The net profit after tax was Rs 234.05 crore in 2016-17 financial year.

Bank has issued 3.22 lakh debit cards during the last financial year and also launched Insta-Debit Card across the branch counter and transact with it the next moment itself. The deposit figures increased to Rs 33,737.42 crore in the last FY, a rise of 27.50 percent.

The Bank has opened one new Branch at Bramhand, Thane and merged two branches, viz. Thakurdwar, Mumbai and Old Nagardas Road, Mumbai with Kalbadevi, Mumbai and Andheri (East) Mumbai Branches.

Thus, the total number of Branches stands at 282 spread across six states. Besides, Kalamna Market, Nagpur, Hubli and Kankavli Branches have been renovated as per our branding standards during the year, The Report reads.

Besides the Chairman, those present on the occasion included Vice Chairman S.K.Sakhalkar, Managing Director Mrs Smita Sandhane and several Directors of the bank along with thousands of delegates.

One can read the complete Report by clicking on

http://saraswatbank.com/saraswat/uploads/Saraswat_Bank_Annual_Report_2017.pdf

 

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