Addressing news men in Mumbai on Thursday Vidyadhar Anaskar Chairman of the administrative board of Maharashtra State Cooperative Bank said the apex bank has earned a net profit of Rs 316 crore in the 2018-19 financial year registering a remarkable growth of 57 percent.
Doing the number crunching, the Chairman informed “The deposits of the bank rose from Rs 14,106 crore to Rs 15,840 crore whereas loans and advances increased from 15,992 to Rs 19,700 crore. The bank’s gross profit increased from Rs 429 crore to Rs 563 crore”, said Anaskar.
The total business mix stood at a whopping Rs 35,540 crore surpassing several state cooperative banks in the country. With this turnover, MSCB has become the largest state cooperative bank in Asia, said Anaskar to this correspondent on the phone.
He added that, “There is a risk in agri based business so we are planning to diversify our business in the infrastructure sector. Besides, the bank is presently doing due diligence before it takes over two ailing urban cooperative banks”.
Not only that, the bank has also performed well in decreasing NPAs. The gross NPA decreased from 9.91 percent to 7.35 percent whereas Net NPA decreased from 2.48 percent to 1.15 percent.
The owned fund of the bank is the symbol of its economic stability and capability. The owned fund of MSCB is Rs 4,004 crore and it will cross Rs 5,000 crore with the help of the govt. guaranteed amount of Rs 1,049 crore as per the decision of the Supreme Court.
The bank will be eligible to accept the deposits of Govt. and Semi-Govt. institutions after crossing the Net worth of Rs 4000 crore. So we expect a rapid progress of the bank in near future, underlined Anaskar.
The bank has a total network of 57 branches across Maharashtra. The most important thing is that the bank had not written off any bad debts during the year.
In a press note sent to Indian Cooperative the bank says, it has contributed several great pioneers like Vithaldas D. Thackersey, Lallubhai Samaldas and Vaikunthbhai Mehta who played a prominent role in the transformation of the country.
“Several leading cooperators like Prof. Dhananjayrao Gadgil, Prof. Dhananjayrao Gadgil held important positions in the bank, the note adds.
During the press conference, Members of the Administrative board Avinash Mahagaonkar, Sanjay Bhende and A.R.Deshmukh, Managing Director, MSC Bank were also present, among others.
