Maharashtra based Citizen Credit Cooperative Bank is in news because of its spectacular performance in the 2021-22 FY. The UCB had hogged the limelight last month in the wake of receiving an award from Union Home and Cooperative Minister, Amit Shah.
The bank not only succeeded in reducing the Net NPA levels from 9.64% as on 31st March 22 to ‘Zero’ level in 2021-22 but also registered growth on Net Profit by 75.07 percent. The bank’s net profit increased from Rs 15.28 crore to Rs 26.75 crore as of 31st March 2022.
The figures were shared during the 25th Annual General Meeting held last week on Thursday at Bandra (W). In the 2021-22 FY, the bank registered a slight decrease in the deposits and advances portfolios which also impacted its business mix, it decreased from Rs 4,756 crore in 2020-21 to Rs 4,587 in the 2021-22 FY.
The bank’s total deposits stood at Rs 3,212 crore and advances at Rs 1,375 crore as of 31st March 2021.
Besides, the gross NPA of the bank decreased from 5.03 percent to 4.74 percent and Provision coverage ratio has improved from 86.76 percent to 109.59 percent. The CRAR stood at 24.76 percent.
The Priority sector advances of the bank grew at 3.76 percent during the 2021-22 FY from Rs 707.69 crore as of 31st March 2021 to Rs 734.27 crore as of 31st March 2022.
The Paid-Up Share Capital and Total Reserve & funds as of 31st March 2022 Rs 14.84 crore and Rs 453 crore respectively.
The bank has announced a plan to give a 16 percent dividend for the financial year ended 31st March 2021 on a pro-rata basis.
The bank has a network of 46 branches as of 31st March 2022, spread over the states of Maharashtra, Goa & the UT of Daman. During the financial year, the camp branch, Pune was shifted to new premises.
The bank was established as Bombay Urban Catholic Credit Society on May 8, 1920.