With no impact of Covid-19 on its business, Maharashtra based Model Cooperative Bank has performed well on almost all the financial parameters in the 2019-20 financial year. Despite several challenges, the bank has succeeded in increasing its profits in 2019-20 compared to the 2018-1 9 FY.
In 2019-20 the bank earned a net profit of Rs 7.86 crore whereas in 2018-19 it was Rs 7.60 crore. The total business of the bank grew from Rs 1,582 crore to Rs 1,653 crore in the 2019-20 FY. The deposits of the bank increased from Rs 1022 crore to Rs 1064 crore whereas loans and advances rose from Rs 560 crore to Rs 589 crore in the 2019-20 financial year.
This was revealed by the bank’s Chairman Albert W D’Souza during the 103rd AGM held last week at St Andrew’s auditorium Bandra West.
There is a slight increase in the NPA levels of the bank. In 2018-19 the net NPA of the bank was 1.59 percent but in 2019-20 it stood at 3.72% but the bank is making a strategy to bring down the NPA level. The Capital Adequacy Ratio stood at 13.48%, with the RBI requirement being 9%, D’Souza further added.
The chairman in his inaugural speech, gave an overview of the economy. He further stated that the bank with strong ethics, professional management, regulatory compliant operations and support from its customers and shareholders, has been able to steer through these turbulent times.
On the occasion, the bank also took the approval from the members during AGM for the constitution of Board of Management in addition to BoD. The resolution was unanimously passed by the members, said officiating general manager Zenon D’Cruz to this correspondent soon after the AGM.
In the current FY 2020-21 the bank has been able to activate its own IFSC code, which has enabled faster processing of NEFT and RTGS transactions, provide IMPS and UPI payment platforms on our Mobile Banking App along with a host of other services and features, offer a platform for receiving online fee payments for educational and other institutions, launched an attractive Gold Loan product.
The Annual General Meeting was attended by approximately 150 shareholders. The meeting was conducted keeping all covid related safety protocols in mind.
Founder chairman, John D’Silva and director Vincent Mathias addressed the gathering. Directors Paul Nazareth, A C Lobo, Sanjay Shinde, Thomas Lobo, Lawrence D’Souza, Pius Vas, Benedicta Rebello, Gerald Cardoza, Ancy D’Souza, assistant general managers Osden Fonseca, Naresh Thakur and Ratnakar Shetty, former general manager and CEO and now advisor William D’Souza were also present.
The bank’s Vice-chairman William Sequeira proposed a vote of thanks.
