In a development which spread optimism across the urban co-op banking sector, the Saraswat Urban Cooperative Bank’s business mix crossed to more than Rs 75,500 crore and the UCB earned a net profit of Rs 352 crore in the 2022-23 financial year. Being the largest urban cooperative bank in the country, the good news from here percolates down to even the unit bank with a solitary branch.
The Saraswat Bank has successfully been able to maintain the ‘Zero’ net NPA in the said FY.
The audited financial figures were shared through the social media handle of Saraswat Bank. “The business mix of the bank increased from Rs 71,573 (2021-22) to Rs 75,559 crore in the 2022-23 financial year”.
Besides, the deposits of the Bank grew from Rs 42,870 crore to Rs 44,502 crore and advances increased from Rs 28,701 crore to Rs 31,057 as of 31st March 2023.
As on 31st March 2023, the gross and net NPA stood at 3.78 percent and ‘Zero’ respectively. The Bank’s Own Funds have increased to Rs 4,759 crore as on 31/03/23 from Rs 4,181 crore as on 31.03.2022.
In the 2022-23 FY, the Bank earned a gross and net profit of Rs 887 crore and Rs 352 crore respectively. “We express our profound gratitude to all our customers and stakeholders whose unwavering trust and support have been our driving force. Thank you for being an integral part of our wonderful journey”, read a twitter post of the Saraswat Bank.
The Saraswat Co-operative Bank is 104 years old and is the largest scheduled Urban Cooperative Bank in India with a successful track record of uninterrupted profit and dividend, coupled with good governance.
The Bank has featured five consecutive years in the Fortune India 500 list, for three consecutive years in the Forbes World’s Best Banks (India) survey and is the recipient of the ‘Best Technology Award’ from Indian Banks’ Association (IBA) for six consecutive years.
It bears recall that recently the Saraswat Cooperative Bank had partnered with Singapore based Tagit, a leading digital banking solutions provider. The bank will use Tagit’s Mobeix Digital Banking platform to enhance customer experience by offering a comprehensive set of digital services securely, anytime, anywhere.
