One of the leading urban cooperative banks of Maharashtra- Dombivli Nagari Sahakari Bank has done well this fiscal as it achieved a business mix of Rs 5,832 crore and earned a net profit to the tune of Rs 22.72 crore as on 31st March 2023.
During the 2022-23 FY, the bank performance was good to a great extent but the deposits slightly decreased whereas the NPA situation has improved, claimed its Chairman Adv. Ganesh Dhargalkar.
While talking to the Indian Cooperative correspondent, Dhargalkar said, “We have performed well in the 2022-23 FY but the reason behind why our deposits decreased is because we have not revised the interest rate on deposits”.
“We are planning to revise the rate for depositors as well as we have applied for the RBI permission for allowing us for Long Term (Subordinated) Deposits for ten years. Our performance is up to the mark and we are on the growth path”, he added.
DNS Bank Chairman further added, “Our NPA level is below three percent. The Net and Gross NPA stood at 1.95 percent and 2.96 percent respectively. Besides, the CRAR of the bank stood at 15.60 percent. We are highly satisfied with our performance. We are in the list of the top 15 urban cooperative banks of India”, he underlined.
“A fews days ago, our bank got the award from the Maharashtra UCB federation in the category of having deposits above Rs 2500 crore but less than Rs 5,000 crore”, Dhargalkar informed.
The total deposits of the bank decreased from Rs 3,935 crore (2021-22) to Rs 3,756 crore as of 31st March 2023 whereas total advances (secured & unsecured) increased from Rs 1,882 crore to Rs 2,076 crore in the 2022-23 FY.
The bank earned a net profit of Rs 22.72 crore as on 31st March 2023. Earlier i.e. 2021-22 it was Rs 24.35 crore. “The reason why the profit declined is because we have made heavy provisions from our profit because the RBI asked us to make provision for two years on security receipts of ARCs”, he asserted.
At present, the bank has a network of 65 branches. The total reserves & fund stood at Rs 335.10 crore in the 2022-23 FY.