Mumbai based NKGSB Cooperative Bank crossed the business mix of more than Rs 12,000 crore and earned a net profit of Rs 21.21 as on 31st March 2023. It was revealed during the 106th Annual General Meeting held on Friday.
The bank Chairperson CA Himangee Nadkarni said, “In FY 2022-23, the bank has made significant progress on several strategic objectives such as strengthening Governance and Compliance Standards, as well as bolstering the balance sheet through granularity”.
“As on 31st March, 2023; the bank’s Net NPA came down to 2.87% with an additional business growth of Rs 1,034 crore. It is also a matter of great pride that NKGSB Co-operative Bank is amongst the top 10 – India’s Best Co-operative Banks”, she said.
The bank’s owned funds improved from Rs 857 cr for FY 2021-22 to 862 cr for FY 2022-23. Besides the operating Profit for the FY 2022-23 stood at Rs 59.22 cr (after absorbing provision pertaining to the FY 2021-22 and 2022-23 totaling Rs24.00 Cr. for Security Receipts) compared to Rs 72.61 cr for the FY 2021-22.
The Net Profit of the bank after tax and provisions for the FY 2022-23 has improved to Rs 21.21 cr compared to Rs 17.27 cr for FY 2021-22. The average Cost of Deposits has been controlled and reduced to 4.68% for FY 2022-23 from 4.93% for FY 2021-22.
The net Interest Margin (NIM) improved from 2.85% for FY 2021-22 to 3.22% for FY 2022-23. Provision Coverage Ratio (PCR) improved from 50.88% for FY 2021-22 to 56.03% for FY 2022-23.
The Bank’s CRAR stood at 12.66% well above the stipulated norms of 12%. The core capital (Tier I) of the Bank has increased to a good level above the required 9% and stands at 10.88%.
The Gross NPA of the Bank has reduced to Rs 304.48 cr for FY 2022-23 as against Rs 355.16 cr for FY 2021-22. And the Net NPAs have reduced from Rs 174.45 cr for FY 2021-22 to 133.87 cr for FY 2022-23.
The deposits and advances of the bank as on 31st March 2023, stood at Rs 7,217 crore and Rs 4,841 crore respectively. The Bank has also garnered sizeable portfolio of Gold loans during the year, which stood at Rs 29.99 cr as on March 31, 2023 as against Rs 15.18 cr as at March 31, 2022
The bank has proposed to give a 7 percent dividend to its shareholders.
