Once grappling with financial losses, the Goa State Cooperative Bank has scripted a remarkable turnaround, delivering unprecedented results year after year. In the financial year 2024-25, the bank’s net profit more than doubled, rising from Rs 4.82 crore to Rs 10.97 crore as on 31st March 2025.
The bank’s total business also witnessed steady growth, increasing from Rs 3,484 crore in 2023-24 to Rs 3,607 crore in 2024-25. Deposits stood at Rs 2,405.6 crore, compared to Rs 2,359 crore in the previous fiscal. The Credit-Deposit (CD) ratio stood at 49.9%, with total advances amounting to Rs 1,201.3 crore.
Meanwhile, the Capital to Risk (Weighted) Assets Ratio (CRAR) improved from 12.3% in 2023-24 to 12.7% in 2024-25. The bank also succeeded in containing its gross Non-Performing Assets (NPA) to 4%, while net NPA was reduced to 2.3%, demonstrating improved asset quality.
Speaking to Indian Cooperative, Chairman Ulhas Phaldessai said, “We have performed well in FY 2024-25 and achieved an unprecedented turnaround in our net profit. We are making every effort to continue this positive trend in the coming years.”
He added that the bank remains committed to prudent investment strategies and timely financial reviews. “We maintain a sharp focus on day-to-day liquidity and make strategic investments to expand our business,” he noted.
For FY 2025-26, the bank has set an ambitious target of crossing Rs 4,000 crore in total business. “We are emphasizing sound business practices and strengthening our fundamentals,” Phaldessai remarked.
As part of its growth strategy, the bank is also expanding into the MSME finance segment, with CGTMSE loan approval for up to Rs 1.8 crore for MSME units. While there are no immediate plans for branch expansion, the focus remains on strengthening the Primary Agricultural Credit Societies (PACS), he informed.
The Goa State Cooperative Bank follows a two-tier structure, comprising 58 PACS. About 50% of these are currently viable.
“We are making concerted efforts to make the remaining PACS financially viable by promoting agri-business and organizing village-level camps aligned with central government schemes,” said Phaldessai.
He also shared that the state government had infused Rs 30 crore in share capital, which the bank is repaying in installments of Rs 5 crore per year.
In addition, the bank is focusing on digital transformation, aiming to enhance customer experience through new technology platforms.
