Despite a marginal increase in its profit, the Mumbai based Mahanagar Cooperative Bank failed to check its rising NPA again this financial year. It rose rather menacingly, reads the results posted for current fiscal on the UCB’s website.
All its efforts in the field of slowing down NPAs went in vain. The bank had its gross and net NPAs in 2016-17 at 6.96% and 1.75% respectively but in 2017-18 its gross and net NPAs became 9.09% and 2.99% respectively.
Talking to this correspondent the bank Chairman Uday G Shelke informed that, “Despite having unfavourable market conditions we have performed well in the last FY and earned a net profit of Rs 20.32 crores as against 18.07 in the 2016-17 financial year. Our deposit and loans and advances have also increased”, he said.
The bank had a deposit base of Rs 2,430 crore in 2016-17 where as it has increased to Rs 2,471 crore in 2017-18. Loan and advances were Rs 1496 crore as on 31st March 2017 and now on 31st March 2018 Rs 1533 crore.
Highlighting the bank’s achievements, Shelke informed that the bank has a business mix of about Rs 4,000 crore and a network of 67 branches across Maharashtra but we are planning to take our business mix to nearly 10,000 crore and raise the number of our branches to 100 till 2022.
While the UCB has adopted advanced technologies such as RTGS, CBS, NIFT, its dream of acquiring a Multi-State Bank remains unfulfilled yet. This is going to be our thrust area, said the Chairman. But given its NPAs track record it looks very unlikely, say knowledgeable persons.
Readers would recall that recently the bank has changed its name in the memory of late Gulabraoji S. Shelke who was the founder of the bank. Former Agriculture Minister Sharad Pawar was invited as the chief guest on the occasion.
On this occasion of AGM, Bank Vice-Chairman Appa R.Lamkhade, MD Manjunatha Kancha, board members, D.S.Mate, General Manager, hundreds of delegates, officials of bank and other were present.