An urban cooperative bank doing well in a cooperatively backward state of Uttarakhand is a big news. The largest Urban Cooperative Bank in the Northern India, Uttarakhand based Almora Urban Cooperative Bank has earned a net profit of Rs 43.18 crore in the 2019-20 financial year.
The good thing about this bank is that despite the Covid-19 crisis the bank not only earned a handsome profit but also succeeded in maintaining the tradition of Zero Net NPA as on 31st March 2020.
Earlier in 2018-19 the bank earned a net profit of Rs 31.55 crore. Besides, the bank is very close to touching the total business target of total Rs 4000 crore.
The performance of the bank becomes all the more impressive due to the fact that the Almora UCB is doing well in areas where the co-op movement is not as strong as it is in other parts of the country such as Maharashtra or Gujarat.
Sharing the financial figures with Indian Cooperative, bank CEO P C Tiwari said, “We have performed well on almost all the financial parameters. There is less impact of Covid-19 on our business and the total business of the bank increased from 3,760.91 crore as on 31st March 2019 to of Rs 3,978.18 crore as on 31st March 2020.
“The deposits of the bank increased from Rs 2614.65 crore to Rs 2766.29 crore in 2019-20 financial year whereas loans and advances grew from Rs 1146.26 crore to Rs 1211.89 crore as on 31st March 2020. The working capital of the bank rose from Rs 3081.65 crore to Rs 3300.43 crore”, he informed this correspondent on the phone.
Tiwari asserted that the net worth of the bank stood at Rs 451.38 crore as on 31st March 2020. The total membership base of the bank is 54,696. The net NPA remains Zero and the gross NPA of the bank is 4.34 percent. The bank’s own capital has grown to 442.70 crore.
Sharing the future goals and targets, the bank CEO said, “Our plan is to expand the network of branches in other parts of Uttarakhand, if Reserve Bank of India resumes giving license for opening the branches. The opening of bank branches will also generate employment opportunities.
The bank has a network of 50 branches across the state and gives high quality facilities to its customers from 26 ATMs. It is the first UCB in Uttarakhand which is a direct member of the National Payments Corporation of India (NPCI).