Maharashtra-based Bassein Catholic Cooperative Bank has performed well on all the financial parameters in 2020-21, except there is a slight decrease in net profit. The bank’s gross business stood at Rs 11,960 crore and Net NPA was 1.55 percent as of 31st March 2021.
The bank has announced a 15 percent dividend for its shareholders for the financial year 2020-21. Besides, the bank is moving towards a robust technology platform under Oracle for better customer experience and to meet future banking requirements.
“Though it has been delayed due to Covid-19, I hope we should be able to go live on CBS in the 2022-23 FY”, said its Chairman Ryan Fernandes in a message to shareholders of the bank.
The figures were released during the 104th Annual General Meeting of the bank held on Thursday through video conferencing. In spite of Covid led impact on the economy, growth in deposits of the bank remained at 5.04 percent during the 2020-21 FY. The deposits of the bank grew from Rs 7,407 crore to Rs 7,780 crore in 2020-21 whereas advances as of 31st March 2021, stood at Rs 4,180 crore.
The gross business of the bank rose from Rs 11,644 crore to Rs 11,960 crore in the 2020-21 FY. The net and gross NPA of the bank are 1.55% and 10.63%. The bank earned a net profit of Rs 72.10 crore. Earlier it was Rs 73.27 crore. The CRAR of the bank stood at 16.84%.
The paid-up share capital of the bank as of 31st March 2021, was Rs 93.71 crore subscribed by 97,691 members, with an addition of 3204 members and cessation of 1624 members during the year.
In the financial report, the bank mentioned that there was a major impact of Covid on the recovery of loans overdue during the year. The bank made higher provisions than the regulatory requirement. As a balance sheet cleaning exercise, the bank has written off 234 loan accounts amounting to Rs 4.73 crore.
Bassein Catholic Co-operative Bank has 77 ATMs in Maharashtra, which include 13 offsite ATMs. In the Covid-19 period, the bank contributed a sum of Rs 51 lakh towards the Chief Minister Relief Fund.
On the occasion of AGM, bank’s Vice Chairman Manvel Lopes, Director Onil Almeida, Yuri Gonsalves, officials and others were present. More than 2k delegates were connected virtually.
Meanwhile, the elections of the board of directors which could not be held for over two years due to Covid-19, are being held now. The preparation of the voter list is underway.
