Gujarat based multi-state scheduled bank- Mehsana Urban Cooperative Bank recently organized its 38th Annual General Meeting in which it was revealed that the UCB had been able to cross the business mix of Rs 11,000 crore till the end of the 2020-21 financial year.
The bank has announced a 15 percent dividend for the shareholders. It earned a net profit Rs 86 crore in the 2020-21 FY, which is highest ever in the history of the bank. In comparison to the 2019-20 financial year the bank has performed well on all the parameters in the 2020-21 FY.
According to the audited figures of the 2020-2021 financial year shared by the bank with Indian Cooperative “The total deposit of the bank has increased from Rs 5731 crore to Rs 6614 crore, registered a growth of 15.40% whereas advance has risen from Rs 3966 crore to Rs 4606 crore, registering a growth of 16.16 percent”.
Despite Covid-19 the total business of the bank increased from 9,697 crore to Rs 11,220 crore and earned a gross profit of Rs 207 crore which was earlier Rs 151 crore. The net profit of the bank is 86.78 crore which was earlier 70.34 crore registering a growth of 23.37 percent, the report reads.
Besides, Share Capital grew from Rs 304 crore to Rs 310 crore and reserves and other funds increased from Rs 418 crore to Rs 551 crore in the 2020-2021 financial year.
The Bank report claims that there is Core Banking Facility at all 58 Branches, Stamp Franking facility at 10 Branches, Locker facilities at 28 branches, Bank Guarantee & L.C issue facility, free personal Accident claim to Saving / Current Account Holder as well as Members for Rs 5 /- lakh and Profit-Making Bank since 37 years of its establishment.
The bank also offers UPI (24×7 fund transfer), Internet Banking (RTGS, NEFT 24×7, IMPS 24×7), WhatsApp Banking (Balance Inquiry, Mini-statement, Rate of Interest) service
The Bank was also active when Covid-19 entered the world and helped the needy with essential items. The Bank also gave Rs 58 Lakh 50 thousand towards the CM Relief Fund.
The Bank was established on 23rd October 1983.
Readers would recall that the bank has been in the news for the past few years as one of the members of the bank filed a complaint against the UCB’s current Chairman Ganpatbhai Patel, CEO Vinod M Patel and some other directors for their involvement in misappropriation of funds. The matter is pending in the court and has had several hearings tarnishing the image of the bank in a big way.