Mumbai based-Multi-state Bharat Cooperative Bank has crossed the total business mix of Rs 20,000 crore at the end of the 2018-19 financial year with the bank also performing well in all other fields. However, there is a slight hike in its NPA.
Despite a challenging year for the banking business, the bank’s deposits increased by 10.08% and advances by 10.35% during the year. Thus the total business stood at Rs 20,457.77 crore. The bank has posted a net profit of Rs 97.16 crore for the financial Year 2018-19, announced its Chairman Jaya C. Suvarna during the Annual General Meeting of the bank held recently at Brijwasi Palace Hall, Goregaon (East), Mumbai.
There is a slight rise in the NPA of the bank in comparison to the previous year. The Gross NPA increased from 4.93 percent to 6.76 percent whereas Net NPA rose from 2.9 percent to 3.92 percent.
In the Financial Year 2018-19, deposits of the bank increased from Rs 10,794.22 crore to Rs 11,882.76 crore, registering a growth of 10.08 percent whereas advances rose from Rs 7,770.80 crore to Rs 8,575.01 crore, registering a growth of 10.35 percent.
The CRAR of the Bank stood at 13.32 percent as on 31st March 2019 which is well above the minimum regulatory requirement of 12 percent prescribed by RBI for banks with licenses to transact Foreign Exchange Business.
During the current financial year the bank had not opened new branches. Thus, the bank is having a network of 102 branches in Maharashtra, Karnataka & Gujarat.
The bank Chairman further added that the bank has received award from Brihanmumbai Nagari Sahakari Bank Association and the Banco Blue Ribbon 2018 award from Avies Publication for the overall performance of the FY 2017-18.
The bank has achieved a merchant turnover of Rs 2,404.91 crore as against Rs 1,709.38 crore in the previous year. This bank has announced 15 percent dividend for its shareholders.