Maharashtra based -Bassein Catholic Cooperative Bank’s performance remained intact even during the Covid hit financial year 2019-20. The bank has performed well almost on all the parameters and its business mix increased from Rs 11,177 crore (2018-19) to Rs 11,644 crore in the 2019-20 FY.
The deposits of the bank grew from Rs 6,958 crore to Rs 7,407 crore whereas loans and advances rose from Rs 4,219 crore to Rs 4,237 crore in 2019-20 FY. There is a slight decrease in the net profit of the bank. The bank’s net profit was Rs 73.27 crore in the 2019-20 FY. Earlier i.e. in 2018-19 it was Rs 90 crore.
As to the NPA levels of the bank, the Net NPA and Gross NPA of the bank as on 31st March 2020 stood at 1.89 percent and 8.48 percent respectively. The bank has written off 131 loan accounts amounting to Rs 2.89 crore during the year.
In the official statement released on behalf of the BoDs, the Bank Chairman Ryan Fernandes said, “I am happy to highlight the fact that the performance of the bank continued to remain strong even during the Covid hit financial year 2019-20”.
“During the year, the performance of the bank was satisfactory in the area of deposits, advances and profitability. The bank’s gross business has reached Rs 11,644 crore at the end of the year 2019-20″, it reads.
As per the statement, during the current FY 2020-21, concentrated efforts and actions are being made by our centralized recovery department for arresting major slippages due to the effect of lockdowns and upgradation of the existing NPAs. Our bank expects to contain NPAs to a reasonable level during the current financial year.
The CASA deposit of the bank also increased by Rs 77 crore representing 23 percent of total deposits. The bank is also pushing digital banking awareness among customers to mobilize CASA deposits.
Bassein Catholic Co-operative Bank has 77 ATMs in Maharashtra, which include 13 offsite ATMs. In the Covid-19 period, the bank contributed a sum of Rs 51 lakh towards the Chief Minister Relief fund.
Readers would recall that earlier the bank was in news not for the best reasons when the issue of termination of the bank’s CEO Brijdina Rajan Coutinho had come to the fore.
