Mumbai-based Citizen Credit Cooperative Bank recently organized its Annual General Meeting and revealed that the bank earned a net profit of Rs 15.28 crore (increased by 3.5%) as of 31st March 2021, despite the covid-19 odds. Earlier in 2019-20, it was Rs 14.76 crore.
The bank has announced plans to give a 16 percent dividend for the financial year ended 31st March 2021 on a pro-rata basis and made a request to RBI for a special centenary dividend of 10 percent. The RBI written permission is awaited.
Besides, the total business mix of the bank increased from Rs 4,655 crore to Rs 4,756 crore in 2020-21 FY. The bank’s total deposits stood at Rs 3,276 crore and advance at Rs 1,479 crore as of 31st March 2021. The total deposits increased by Rs 108 crore (3.4%) and advances fell by Rs 7.82 (0.5%) respectively over the previous year.
As of 31st March 2021, the gross NPA and Net NPA stood at 5.03% and 0.68 percent. The provision coverage ratio has improved from 81.47% to 86.76% and CRAR continues to be strong at 22.08 percent.
The Paid UP Share Capital and Reserve fund & Other Reserves as of 31st March 2021 at Rs 14.69 crore and Rs 414 crore respectively.
During the financial year 2020-21, the bank has written off seven loans having 100 percent provision aggregating to Rs 0.03 crore. Despite the write-off, the bank continues to vigorously follow up recovery of written-off amounts by retaining the right to proceed legally against the defaulters.
The bank has a network of 46 branches, spread over the states of Maharashtra, Goa & Union Territory of Daman, Diu & Nagar Haveli. During the year, the Vashi branch and the bank’s central processing department were shifted to new premises.
The Bank Chairman Donald Creado, CEO & MD Christopher A Mendoza, scores of delegates, and others were present on the occasion.
Last year, when Covid-19 entered the world, the bank had donated Rs 11 lakh each to the Maharashtra CM Relief fund and the PM Cares fund.
The bank was established as Bombay Urban Catholic Credit Society on May 8, 1920.