Gujarat based Multi-state scheduled bank- Mehsana Urban Cooperative Bank has been able to cross the business mix of Rs 9500 crore till the end of 2019-2020 financial year.
In comparison to the 2018-19 financial year the bank has performed well on all the parameters in the 2019-20 FY except there is a slight decrease in gross profit.
According to the unaudited figures of 2019-2020 financial year shared by the bank with Indian Cooperative “The total deposit of the bank has increased from Rs 5359 crore to Rs 5734 crore, register a growth of 6.99% whereas advance has risen from Rs 3667 crore to Rs 3946 crore, registering a growth of 7.69 percent”.
The total business of the bank increased from 9,026 crore to Rs 9,680 crore and earned a gross profit of Rs 156 crore which was earlier Rs 157 crore. The net profit of the bank is 73.34 crore which was earlier 67.03 crore registering a growth of 9.41 percent, the report reads.
Besides, Share Capital grew from Rs 284 crore to Rs 304 crore and reserve and other funds increased from Rs 381 crore to Rs 418 crore in the 2019-2020 financial year.
During the financial year 2019-2020, the bank has done the successful merger of 5 branches of the R.S.Co-Op Bank Ltd. Mumbai with the bank. Now the bank has a total network of 58 branches in Maharashtra and Gujarat.
The Bank report claims that there is Core Banking Facility at all 58 Branches, Stamp Franking facility at 10 Branches, Locker facilities at 28 branches, Bank Guarantee & L.C issue facility, free personal Accident claim to Saving / Current Account Holder as well as Members for Rs 5 /- lakh and Profit Making Bank since 37 years of its establishment.
The Bank was also active during Covid-19 and helped the needy with essentials items. The Bank also gave Rs 58 Lakh 50 thousand towards the CM Relief Fund. Earlier, at a function at Mehsana UCB Gujarat Deputy CM Nitin Patel distributed cheques to beneficiaries under the Atma Nirbhar Gujarat Sahay Yojana
The Bank was established on 23rd October 1983.
