Mumbai-based Bombay Mercantile Cooperative Bank has crossed a business mix of Rs 3400 crore and posted a net profit to the tune of Rs 3.78 crore in 2020-21. The figures were revealed during the 84th Annual General Meeting held recently in Mumbai.
The total business of the bank increased from Rs 3,375 crore in 2019-20 FY to Rs 3,467 crore in 2020-21. The bank deposits grew from Rs 2,296 crore to Rs 2,363 crore whereas loans and advances rose from Rs 1,079 crore to Rs 1,104 crore as of 31st March 2021.
Addressing the meeting of the bank, Chairman Zeeshan Mehdi said, “I am happy that despite several challenges, the bank has performed well on almost all the financial parameters.”
“During the year the bank has undertaken several initiatives to undergo a complete structural, operational and digital transformation. We had targeted to earn the higher profits but due to Covid-19 and lockdowns, the business came to a standstill for a few months and we failed to achieve the targets”, he added.
“Along with the management and other officials, we are working hard to take the bank to newer heights and we hope that till the end of the current financial year, we will earn a business profit. We are looking forward to having the new technology in the bank to compete with other players in the market”, he added.
The bank’s Paid-up share capital stood at Rs 151 crore as of 31st March 2021. The working capital of the bank increased from Rs 2,501 crore to Rs 2,669 crore in the 2019-20 FY. The CRAR of the bank which stood at 16.88 percent as of 31st March 2020 has increased to 17.26 percent as of 31st March 2021, which is much in excess of the requirement of 12%, as prescribed by RBI, it was revealed during the AGM.
The gross and net NPA of the bank stood at 6.61% and 5.11% as of 31st March 2021.
On the occasion, the bank’s board members, MD Shah Alam, delegates, and others were present. Earlier, Alam was bestowed with the Times of India Award- “Times Most Influential Personality”.
The Bank was established in Mumbai in 1939 by Shaikh Mohammedally Allabaux and Padmashri Zain G. Rangoonwala and has now grown to 52 branches spread across 10 states. It’s a Scheduled Bank and transacts all banking businesses including Foreign Exchange.
