Despite a global economic gloom, the largest urban cooperative bank of India-Saraswat Cooperative Bank has achieved a spectacular performance by crossing a business mix of Rs 71,500 crore and earning a net profit of Rs 275 crore in 2021-22 financial year.
Saraswat Bank performed well on all the financial parameters even in the adverse market condition. The figures have been revealed in the annual report published recently. The Bank held its Board meeting on Friday where future goals and targets were discussed.
The business mix of the bank increased from Rs 67,097 crore (2020-21 FY) to Rs 71,573 crore in 2021-22, i.e. a rise of Rs 4476 crore in absolute terms. As on 31st March 2022, the deposits of the bank grew from Rs 40,855 crore to Rs 42,870 crore, i.e. a rise of Rs 2015 crore and loan and advance rose from Rs 26,241 crore to Rs 28,701 crore, i.e. a rise of Rs 2460 crore.
The Credit Deposit Ratio of the Bank improved to 66.95% as on 31st March 2022 from 64.23% in the previous year. Besides, the bank earned a net profit of Rs 275 crore. Earlier i.e. in 2020-21 it was Rs 270 crore.
As on 31st March 2022, the gross and net NPA stood at 3.86 percent and 0.65 percent respectively. Own Funds have increased to Rs 4,181 crore as on 31/03/22 from RS 3937 crore as on 31/03/21.
On the strength of its blemish less track record, RBI has approved Saraswat Bank’s request to open 25 new branches under the Annual Business Plan for FY 2022-23. Under this Branch Expansion Plan, the Bank will be adding 12 branches in Mumbai, 3 in Navi Mumbai, 2 in Thane and 8 in Pune, helping the Bank undertake organic growth, according to the statement published in bank’s annual report.
The Provision Coverage Ratio (PCR) improved to 80.55% as on 31/03/22 which stood at 74.84% as on 31/03/21. Higher PCR reflects better provisions made against NPAs and is an indicator of the level of protection against future NPAs, if any.
“Had the PCR percentage been kept at the previous year’s level of 74%, the Net Profit for FY 2021-22 would have stood at Rs 322 crore as against Rs 275 crore presently declared. Higher Provision demonstrates the financial resilience of the Bank”, said the bank in a statement.
The bank has also made it to the Fortune India 500 list for the fifth consecutive year based on its annual audited total income for the FY 21-22.
Meanwhile, the bank has announced to organize its 104th Annual General Meeting on Monday, 27th June, 2022 at Ravindra Natya Mandir, Prabhadevi Mumbai. Saraswat Cooperative Bank is having a network of 283 branches.
