Organizing its 114th AGM through audio visual means on Monday, Maharashtra based third largest UCB of the country, SVC Cooperative Bank revealed its performance report of the year before the share-holders. The UCB has barely managed to survive through Covid times, reveals the report.
According to the annual report, “The deposits of the bank increased from Rs 16,263 crore to Rs 16,500 crore registered a growth of 1.46 percent whereas the total advances rose from Rs 11,500 crore to Rs 11,607 crore registering a growth of 0.94 percent as on 31st March 2020. The total business mix of the bank grew from Rs 27,763 crore to Rs 28,108 crore in 2019-2020 financial year.
“The net NPA of the bank decreased from 1.90 percent to 1.81 percent whereas the bank registered a slight increase in gross NPA. It rose from 3.50 percent to 3.74 percent. The bank earned a net profit of Rs 142 crore in 2019-2020 FY. Earlier it was Rs 140 crore”, according to a financial report.
The capital and reserves of the bank increased from Rs 1,590 crore to Rs 1,698 crore.
The branch strength of the bank as on 31st March 2020 stood at 198. During the year the bank’s ATM Network continued to stand at 211 ATMs (Offsite – 5 & Onsite – 206).
This year, the bank has decided to consolidate its operations to optimize the utilization of its existing branch Network.
The paid-up Share Capital of the bank as on March 31, 2020 was Rs 104.01 Crore.
The bank continued to conduct Smart Society Program in FY 2019-2020. Interactive camps in the Health and Wealth Management space were consistently organized through tie-ups with various brands.
The annual report of the bank shows that the bank registered 1.24 percent growth on total business in comparison to 2019-2020 FY.