Ahmedabad District Cooperative (ADC) Bank has crossed the business mix of more than Rs 11,499 crore in the 2020-21 FY, despite the Covid-19 problems. The business of the bank increased from Rs 9,720 crore as on 31st March 2020 to Rs 11,499 crore as on 31st March 2021.
The deposits of the bank grew from Rs 6,169 crore to Rs 7,266 crore whereas loans and advances rose from Rs 3,550 crore to Rs 4,232 crore in the 2020-21 fiscal year, the figures were revealed during the Annual General Meeting of the bank organized recently.
It bears recalling that when Shah was made the minister of Cooperation the bank was in the news as Shah once as the chairman had extricated the bank out of a serious financial crisis.
The ADC bank is wholly controlled by the leaders of Bharatiya Janata Party and interestingly the close associate of Shah, Ajaybhai H Patel who doubles as the Chairman of the apex bank Gujarat State Cooperative Bank, is also the Chairman of the ADC Bank.
This year too the bank registered the Zero net NPA and the gross NPA stood at 0.93 percent. The bank has earned a net profit to the tune of Rs 25.03 crore in 2020-21. Earlier it was 14.57 crore.
The Net worth of the bank increased from Rs 295 crore to Rs 387 crore and reserves and surpluses rose from Rs 468 crore to Rs 584 crore. The CD ratio of the bank as on 31st March 2021 stood at 58.24 percent.
The bank is fully enabled on core banking solutions across all branches. To extend the advantages of the latest technologies to the customers, the bank is embarked upon the latest delivery channels like ATMs, Mobile Banking, and Internet Banking.
Readers would recall that last year when Covid hit the world, Ahmedabad District Cooperative (ADC) Bank had donated Rs 1.01 crore each towards the CM relief fund and the PM Cares fund.