Mumbai based Multi-State Scheduled Bank-Bharat Cooperative Bank’s total business has fallen by over Rs 1k crore and net profit by around Rs 39 crore in the 2019-20 financial year. Besides the Net NPA and Gross NPA also rose in comparison to previous year.
Due to the Covid-19 Pandemic, the bank like many others, faced problems like a reduction in business growth, deposits and advances, the bank statement reads.
During the FY 2019-20, deposits of the bank decreased from Rs 11,882 crore to Rs 11,529 crore i.e. decreased by 2.97 percent whereas advances of the bank declined from Rs 8,575 crore to Rs 7,853 crore i.e. decreased by 8.42 percent. The total business of the bank goes down from Rs 20,457 crore to Rs 19,382 crore in 2019-20 FY, according to financial figures published in the Annual Report.
Indian Cooperative’s repeated phone calls to the bank’s CEO Vidyananada S Karkera for his comment on the Annual Report were to no avail.
The Gross NPA increased from 6.76 percent to 7.43 percent whereas Net NPA rose from 3.92 percent to 4.69 percent of net advances as on 31st March 2020. The Net profit of the bank decreased from Rs 97.16 crore to Rs 58.87 crore. Higher provision during the year has affected the net profit of the bank, financial report says.
Besides, the reserves increased from Rs 924 crore to Rs 953 crore. The CRAR of the bank is 13.81 percent as on 31st March 2020.
Bharat Co-op Bank is rendering services through its 102 branches, 1 Extension Counter, 103 On Site ATM Centres and 2 Off Site ATM centres across the state of Maharashtra, Karnataka & Gujarat.
In view of the continuing Covid-19 pandemic, the bank has announced to organize its 44th AGM through Video Conferencing on 22nd December 2020.
