There are many urban cooperative banks in India that have failed to lend credit to the borrowers in the 2019-20 fiscal due to adverse market conditions but the Maharashtra based Apna Sahakari Bank has stood out with its excellent performance. The bank crossed a business mix of Rs 6k crore.
The total deposits of the bank stood at Rs 3,723.62 crore as on March 31, 2020 whereas earlier it was Rs 3,464.94 crore as on March 31.2019. The loan & advances of the bank stood at Rs 2,503.51 crore as on March 31, 2020 whereas it was Rs 2,410.43 crore as on March 31.2019.
The total business mix of the bank stood at Rs 6,227.13 crore whereas in the FY 2018-19 it was Rs 5,875.37 crore.
However, there was a slight rise in the NPA due to no recovery of payments in the month of March because of lockdown imposed in the country due to Covid-19. Besides, the bank has made a provision of crores of rupees from the Profits and the Net Profit is declined from Rs 18.08 crore to Rs 1.20 in 2019-20 financial year, claims its Annual Report. The bank earned a gross profit of Rs 13.67 crore in 2019-20 FY.
The bank did not open a single branch in the last financial year i.e. 2019-20 and the total number of branches is 85. The bank’s area of operation is in Maharashtra, Goa, Karnataka and Gujarat.
The Reserve Fund of the bank rose from Rs 420.61 to Rs 422.45 crore as on 31st March 2020 whereas Paid up share capital decreased from 97 crore to Rs 93.88 crore. The working capital of the bank is Rs 4,032.74 crore as on 2019-20 FY.
Meanwhile, the bank has announced plans to organize its Annual General Meeting on 26th December 2020 virtually.
Apna Sahakari Bank Ltd. popularly known as “Apna Bank”, was established on the auspicious day of Gudhi Padva on 29th March 1968. It started its operations from Apna Bazar, Naigaum, Dadar in Mumbai. The bank has completed 50 years of its existence.