Apna Sah Bank: Total business down, profit up

Mumbai based Multi State Scheduled Bank Apna Sahakari Bank’s deposit, loan & advances, and its total business mix decreased in the FY 2017-18 but its NPA was somewhat reined. This was announced in the 51st Annual General Meeting held at Parel in Mumbai last week.

The total deposits of the bank stood at Rs 3166.85 crore as on March 31, 2018 whereas it was Rs 3227.04 crore as on March 31.2017. The loan & advances of the bank stood at Rs 2100.64 crore as on March 31, 2018 whereas it was Rs 2152.73 crore as on March 31.2017.

The total business mix of the bank stood at Rs 5267.49 crore whereas in the FY 2016-17 it was Rs 5379.77 crore.

However, the bank has performed well in earning profit and maintaining NPAs accounts. The Bank has earned a net profit of Rs 16.59 crore in the last FY 2017-18. The bank had earlier in the FY 2016-17 had earned a profit to the tune of Rs 10.76 crore.

With the efforts of the management the bank has also succeeded in reducing the percentage of NPAs. The Gross and Net NPAs in 2016-17 were 9.47% and 6.78% respectively whereas in the FY 2017-18 the Gross and Net NPAs stood at 2.80% and 1.04% respectively” he added.

The Bank has also announced higher dividends compared to the previous year. This year, the bank has announced 10 percent dividend for its shareholders. Earlier in the FY 2016-17 the bank had announced 6 percent dividend.

The bank opened four branches in the last financial year and now the total number of branches has gone up to 85.

The Bank Chairman Dattaram Chalke, Vice-Chairman Shantaram Divekar, newly appointed CEO Rajan Hombalkar and several delegates were present on the occasion. Hombalkar has replaced P.Kondurkar.

Apna Sahakari Bank Ltd. popularly known as “Apna Bank”, was established on the auspicious day of Gudhi Padva on 29th March 1968 .It started its operations from the Apna Bazar, Naigaum, Dadar in Mumbai. The bank has completed 50 years of its existence.