In a remarkable turn of events, Pune headquartered Cosmos Cooperative Bank has performed quite well in the 2020-21 financial year and earned a handsome profit despite grappling with aftershocks of cyberattacks coupled with Covid compulsions.
According to bank sources, the UCB has earned a net profit of Rs 56.78 crore and has crossed a business mix of more than Rs 28,000 crore. It bears recall that due to cyberattacks Cosmos Bank had incurred a loss to the tune of Rs 54.34 crore in 2019-20.
The bank’s business increased from Rs 26,698.24 crore (2019-20) to Rs 28,031.02 crore (2020-21). The deposits grew from Rs 15,195.09 crore to Rs 16,150.45 crore whereas advances rose from Rs 11,503.15 crore to Rs 11,880.67 crore as on 31st March 2021.
Talking to Indian Cooperative, the Group Chairman Dr Mukund Abhyankar said, “We have performed well on almost all the financial parameters in the 2020-21 FY. Due to cyber-attacks we had failed to disburse the dividend to our shareholders for two years i.e. 2018-19, 2019-20. But for disbursing the dividend of 2020-21, we will decide about it in the board meeting to be held on 29th September 2021, a day prior to our AGM”.
He further added that ”we are focusing on recovery and due to this we succeeded in performing well. This is possible due to the efforts of Chairman Milind Kale, Vice Chairman, board directors, MD and other senior employees. Besides as of 31st March 2021, the net NPA comes to below 5 percent and gross NPA to below 10 percent”, he said to this correspondent on the phone.
The paid-up share capital increased from Rs 322.67 crore to Rs 333.59 crore and Reserves and other funds grew from Rs 1,651.41 crore to Rs 1,738.70 crore in the 2020-21 FY. As of 31st March 2021, the bank Capital Adequacy Ratio (CRAR) stood at 12.54%.
Besides, the UCB has announced plans to organize its 115th Annual General Meeting on 30th September 2021 at Shivshankar Sabhagruha, Pune.
Cosmos Bank operates through 140 branches in India spread across 7 States and in 39 Major Cities. The bank is the first Multi-state Co-operative Bank to implement a Centralized Banking System. All Branches, Extension Counters, all Regional Offices and Head Office are interconnected through the Data Centre situated at Head Office.