GP Parsik Sah Bank earns handsome profit; business crosses Rs 6000cr

One of the leading banks of Maharashtra GP Parsik Sahakari Bank which had completed 50 years of its existence in the month of May 2022, has earned a net profit of more than Rs 50 crore in the 2021-22 financial year and crossed the business mix of Rs 6k crore.

The bank has achieved a net profit of Rs 50.62 crore which has increased by Rs 30.20 crore more than the last financial year 2020-21. Besides, the business mix stood at Rs 6,135 crore as of 31st March 2022. Earlier i.e. in 2020-21, it was Rs 6,101 crore.

These figures were revealed during the bank’s 51st Annual General Meeting held recently.

During the financial year 2021-22, the total deposits of the Bank increased by Rs 133.54 crore i.e. by 3.21% as against an increase of Rs 209.51 crore during 2020-21.

The advances of the bank came down from Rs 1947.85 crore (FY 2020-21) to Rs 1848.74 crore during the FY 2021-22. The Bank was not able to increase its advances as the amount of the new credit disbursement was offset by the regular repayment of existing loans and tepid credit demand, according to the statement published in the bank’s annual report.

As of 31st March 2022, the bank’s Net and Gross NPA stood at ‘Zero’ and 5.22 percent. The Bank’s Gross Non-Performing Assets stands at Rs 96.42 crore in the FY 2021-22 as against Rs 118.91 crore for 2020-21 FY.

The bank’s dividend of 15% on pro-rata basis for the financial year 2021- 22 after ploughing back sufficient profit for maintaining healthy capital adequacy ratio for future growth. The bank’s CRAR as of 31.03.2022 was 22.31% increased from 21.35% as of 31.03.2021.

Presently the bank has a network of 91 branches and 5 Off-site ATMs which are providing the banking services to the customers.

Meanwhile, Indian Cooperative efforts to elicit the response of the bank’s Chairman on the annual report 2021-22, have failed so far.