The leading cooperative bank of Maharashtra has performed well by achieving a total business of Rs 45,064 crore and earning a net profit of Rs 609 crore in the 2022-23 financial year. The performance of the Maharashtra State Cooperative (MSC) Bank is rated satisfactory among the co-operators of the state.
The MSCB, as it is called in short, has performed well on all the financial parameters except one which is Deposits. Its deposits decreased slightly as compared to last year and impacted its business figures somewhat.
The figures were shared by Vidyadhar Anaskar, Chairman of the Administrative Board of MSC Bank during the press conference on Friday.
The Loans & Advances of MSC Bank stood at Rs 26,450 crore, increased by Rs 490 crore as compared to last year. Whereas Deposits decreased by Rs 2,453 crore compared to last year standing at Rs 18,614 crore. Due to surplus funds, the Bank had kept the interest rate on deposits competitive. Due to decrease in deposits total business of the Bank decreased by Rs 1,963 crore and as on 31st March, 2023 reached to the level of Rs 45,064 crore.
Besides, the Bank had earned Net Profit of Rs 603 crore last year which was inclusive of Invoked Government Guarantee from the state Government. During FY 2022-23, the bank had earned a Net Profit of Rs 609 crore, which did not include any amount of Invoked Government Guarantee, Anaskar informed during the press conference.
The Net Worth of MSC Bank stood at Rs 3,817 crore, which increased by Rs 590 crore compared to last year. The Net worth of MSC Bank is the highest in Co-operative Banks in India, he added.
Similarly, the Owned Funds of MSC Bank as on 31st March, 2023 reached to the level of Rs 6,564 crore, increased by Rs 538 crore compared to last year. The bank also maintained a CRAR of 17.76% as against the required CRAR of 9%.
MSCB has kept Provision Coverage Ratio at 97%, due to which Net NPA is reduced to 0.45%. The MSC Bank has been achieving “Audit Class – A” continuously for the last 10 years. The Bank has been paying a 10% dividend for the last 8 years.
Anaskar further added, “In addition, the MSC Bank has provided a separate platform for Urban Co-operative Banks in the State to buy / sell Government Securities. The Bank has also provided a portal for RTGS / NEFT transactions.
“MSCB has made many facilities like CTS clearing available to Co-operative Banks. The Bank is currently in the process of implementing the “Cyber Security Operation Center” platform for Co-operative Banks”, underlined Anaskar.
