The Financial Year 2018-19 of Maharashtra based GP Parsik Sahakari Bank- Multi-State Scheduled Bank was not so satisfactory because there is a decline of over Rs 8 crore in the net profit of the bank compared to the last year. Worse, there is a rise in the gross NPA even as the advances have come down.
All this was revealed during the 48th Annual General Meeting of the bank held recently at Gadkari Rangayatan Natyagruh, Talao Pali, Thane (W).
Talking to Indian correspondent Ranjit Gopinath Patil Chairman of the bank said, “Though we have not performed well in the last financial year we are making ambitious plans to develop the business. Due to adverse market conditions, the bank had not lent the expected amount of credit which caused a decline in profit”, he said
“As Private and Payment banks is influencing our business in a big way so we are making plans to compete with them. We hope that we will perform better this year”, Patil added.
The Net profit of the bank has come down from Rs 43.04 crore to Rs 34.59 crore during the FY 2018-19.
The advances of the Bank came down from Rs 2206.92 crore (FY 2017-18) to `Rs 2198.20 crore during the FY 2018-19. The Gross NPA stood at 4.97% as against 2.58% during FY 2018-19. Besides this bank was able to report THE net NPA at 0.00% once again.
The Business Mix of the Bank stood at Rs 6007.26 crore. The total deposits of the bank increased from Rs 3529.48 crore to Rs 3809.06 crore. During the financial year 2018-2019, total deposits of the Bank increased by Rs 279.58 crore and by 7.92% against an increase of Rs 549.70 crore during 2017-18.
However, the total reserves / funds of the bank increased by Rs 33.90 Crore which has enhanced the stability and overall creditworthiness of the bank.
The Board of Directors are pleased to recommend dividend of 12% on pro-rata basis for the financial year 2018-19 after ploughing back sufficient profit for maintaining healthy capital adequacy ratio for future growth.
During the 2018-19 financial year, the Bank has opened six new branches at Malad (W), Mumbai, Sakinaka, Mumbai, Digha, Navi Mumbai, Pen, Raigad, Shahu Putala, Ichalkaranji, Jaysingpur, Kolhapur. This has now 91 branches altogether.
As per the Annual Business Plan for 2018-19, the bank has submitted proposal to RBI for giving approval to open ten new branches. The same is still under consideration by RBI.
The Maharashtra Urban Co-Operative Banks Federation has given the ‘Best Bank’ Award in the category of Deposits of above Rs 3,000 crore Banks during 2017-18.
