The biggest Urban Cooperative Bank of South India- the Visakhapatnam Cooperative Bank has registered improvement in all fields including deposits, loans and advances. But as per the bank’s unaudited report, there is a slight rise in the NPA of the bank in the last FY 2018-19.
The UCB’s deposits rose from Rs 2730.45 crore to Rs 3110.02 crore and its net NPA rose from 2.78% to 3.48 percent in the FY 2018-19. It also had a rise in its net profit from Rs 33.30 crore to Rs 37.16 crore. Presently, the bank is having a business mix of about Rs 5,249 crore.
Talking about the bank’s future plans, the Chairman Chalasani Raghavendra Rao added “Attaining scheduled status and opening new branches are top priorities”. The application for Scheduled status is pending with RBI.
The bank has aimed to achieve a business mix of more than Rs 6,000 crore in this FY i.e. 2019-20. It is achievable, said bank Chairman to this correspondent on the phone.
The bank has also applied for opening 10 more branches and is awaiting an approval from Reserve Bank of India.
The bank is presently operating in 13 districts of Andhra Pradesh with 46 branches and 4 branches in Hyderabad, Telangana State making a total of 50 branches.
Over the last 35 years, the bank has registered humungous progress, from Rs 2.91 crs business (deposits and loans) in 1984-85 which has grown to Rs 5249.21 crores in 2018-19.
The total members counting 3,661 with share capital of Rs 9 lakh in 1984-85 have grown to 82,229 members with share capital of 215.35 crs in the year 2018-19 and thus it has become the biggest cooperative urban bank in South India.