Andhra Pradesh State Cooperative Bank (APCOB) crossed the business mix of more than Rs 30,500 crore and earned a net profit of Rs 183 crore in the 2021-22 financial year. The bank has performed well on all the financial parameters.
The bank’s deposits grew from Rs 5224 crore as of 31st March 2021 to Rs 8249 crore in 2021-22 whereas loans and advances rose from Rs 15,824 crore to Rs 22,337 crore as on 31st March 2022. The business mix stands at Rs 30,587 crore.
Besides, the bank earned a profit to the tune of Rs 183.60 crore. Earlier, it was Rs 146.87 crore. The bank has also done well in controlling the NPA level but there is a slight rise in net NPA. The gross and net NPA as of 31st March 2022 stood at 1.51 percent and 0.43 percent respectively.
The bank has also paid an advance tax of Rs 59.22 crore. The CRAR stands at 10.15 percent. In 2021-22 FY the paid up share capital hiked from Rs 550 crore (2020-21) to Rs 887 crore whereas Reserves and Surplus increased from Rs 988 crore to Rs 1,144 crore.
While talking to Indian Cooperative correspondent APCOB Managing Director Reddy said, In the span of two years, the bank’s business grew from Rs 13,000 crore to Rs 30,000 crore. We are working hard to take the bank to newer heights.
The bank is adopting modern banking methods to reach out to customers and offer them better services. It is extending round the clock services to the customers through 16 onsite ATMs and 2 Mobile ATMs. Through Mobile ATM, the bank has been providing ATM on wheel services in the CRDA.
The bank has 16 branches but the proposal of opening 9 new branches in CRDA is in the pipeline.
Meanwhile, the State government has decided to computerise the accounts of 2,051 Primary Agriculture Cooperative Societies (PACS) to strengthen the cooperative sector of the state. In this regard, APCOB will be the nodal agency to implement the project, the estimated cost is Rs 89.63 crore.
