The leading bank of Maharashtra-Bharat Cooperative Bank achieved a business mix of Rs 18,259 crore in the 2022-23 financial year and registered a slight decrease in net NPAs as percentage of net advances.
As on 31st March 2023, the deposits of the bank stood at Rs 11, 276.71 crore whereas advances increased from Rs 6,899.74 crore (2021-22) to Rs 7,014.78 crore in the 2022-23FY.
The gross NPA was 633.89 Crore forming 9.04 % of the total advances as on 31.03.2023. The Net NPA of the bank as on 31.03.2023 was 339.19 Crore which is 5.05 % of net advances.
In his message, the bank Chairman U Shivaji Poojary said, “The Bank will continue to focus on its core business and extensive recovery of Non-Performing Assets. More emphasis will be placed on enhancing customer service in terms of quality and quantity, with ample support of modern technology in the coming days”.
He further said “Post-pandemic phase, the Bank has re-examined its technology strategies and made efforts to strengthen digital banking facilities to offer improved services to its customers and redefine customer relationships”.
“The bank is making efforts to capitalize on technology investments. The bank has, despite all odds, initiated prompt recovery actions to improve collections and to restrain fresh slippages in stressed loan accounts through various recovery measures. The Bank is making all efforts to further strengthen its digital infrastructure”, Poojary added.
Meanwhile, the bank earned a net profit (below the line) of Rs 50.59 crore in the 2022-23 financial year, which is higher in comparison to the 2021-22 FY. However, the Bank is required to make provision with retrospective effect to the tune of Rs 300 crore towards Security Receipts (SRs) pertaining to the assets assigned to ARCs.
Thus for the financial year 2022-23, the Net Loss (above the line) amounts to 149.39 Crore.
Due to this the bank is unable to propose the dividend for the financial year 2022-23, as the dividend can be paid from the profit earned for the current financial year as per regulatory guidelines. Hence the Bank has not proposed a dividend for the financial year 2022-23.
Besides, the bank’s operating profit increased to 163.27 Crore compared to the operating profit of 125.17 Crore for the F.Y. 2021-2022.
The figures were revealed during the 47th Annual General Meeting of the bank held on 25th August 2023 i.e. today at Mumbai.
