With the financial reports of Urban Cooperative Banks across the country coming in, one of the top UCBs of Gujarat-Kalupur Commercial Cooperative Bank aka Kalupur Bank has made an impressive performance by having achieved a business mix of Rs 11,616 crore.
“We are close to our target as the bank has resolved to achieve a business target of Rs 13,500 crore in the current FY”, says the bank’s Chairman Navnitbhai C. Patel to this correspondent on the phone.
He added that ”We have performed well in all the fields including deposits growth, loan and advances growth, earning more profit in financial year 2018-19. The UCB’s deposits rose from Rs 6,495 crore to Rs 6,940 crore and loans and advance rose from Rs 3,903 crore to Rs 4,676 crore in FY 2018-19,” said Patel.
“During the year we have had more and more customers and disbursed a huge amount of loan to the borrowers. This year also our net NPA remains Zero but due to non-payment of loans from the four parties of Mumbai our gross NPA increased a little bit in comparison to the previous year i.e. 2017-18”, he said.
However, the net profit of the bank increased from Rs 110 crore to Rs 120 crore in FY 2018-19. “We are also in the process of merging Gujarat based Siddhi Cooperative Bank with our bank and the completion of the merger will be done soon. With this merger, 3 more branches will be added”, he said.
During the year the growth is highly satisfactory considering the trend prevailing in the industry. Huge home loans, retail loans, car loans, finance to MSME sector, micro credit and many other such loans were disbursed during the year.
However, sounding a little disappointed he said, “We are facing competition with private banks as they are entertaining our existing customers by different plans and policies. Besides, RBI should extend the limit of home loans to be disbursed by UCBs as they lose out their customers. The home loan limit is Rs 70 lakhs which hardly makes us capable of entertaining customers living in metro cities”, he asserted.
The social media handle of Kalupur bank also shared the information and figures on social media for its followers.
The bank chairman Patel thanked its shareholders, well-wishers, account holders and others for reposing their faith on the bank. The bank will give 15 percent dividend to its shareholders.
Kalupur Commercial Cooperative Bank was established in 1970. Bank is having over 56 branches across the two states including Maharashtra and Gujarat.
