The 117th Annual General Meeting of the second largest UCB in the country Cosmos Cooperative Bank was held on Monday, July 10, 2023, in which it was revealed that the Bank has done well for itself in the concluding financial year.
The AGM was held at Shivshankar Sabhagruha, Maharshinagar in Pune. Speaking on the occasion, Chairman of the UCB Milind Kale welcomed the members and updated the General Body on the progress of the Bank for the Financial Year that ended on March 31, 2023.
In his address on this occasion, Kale said that the business set up of the Bank has crossed the milestone of Rs. 30,745 Crore, comprising deposits to the tune of Rs. 17,629 Crore and Advances at Rs. 13,116 Crore.
Chairman revealed that the Cosmos Co-operative Bank has registered operating profit of Rs.514 Crore, Profit Before Tax of Rs. 213 Crore and net profit of Rs. 151.41 Crore for the Financial Year ending on March 31, 2023. At the end of FY 2022-23, the financial position of the Bank is strong with Reserves of Rs.1,691 Crore and Capital to Risk Assets Ratio (CRAR) at 13.54%, he added.
Chairman Kale informed that in the AGM, members gave approval with majority for the scheme of amalgamation of The City Cooperative Bank Ltd., Mumbai into Cosmos Bank. Hence recommendation for the same will be forwarded to The Reserve Bank of India very soon.
In the month of October 2022, Shree Sharada Sahakari Bank Ltd., with its 8 branches and in the month of May 2023, Mumbai based Maratha Sahakari Bank with its 7 branches has amalgamated into Cosmos Bank thus taking its branches count to 159. Bank has also sent a proposal for amalgamation of Mumbai based The Sahebrao Deshmukh Sahakari Bank to The Reserve Bank which is under consideration.
The Bank’s AGM was attended by members in large numbers. Bank’s Vice Chairman, Praveen Kumar Gandhi, Senior Director, Dr Mukund Abhyankar, Adv. Pralhad Kokare, all Directors of the Board and Managing Director, Mrs. Apekshita Thipsay were present during the AGM.
It was also decided that the bank would like to distribute an 8 percent dividend if permitted by the apex bank.
