Maharashtra State Cooperative Bank has announced its April-September half-yearly results for the financial year 2021-21, reporting a net profit of Rs 402 crore, making a substantial increase of 136 percent over last year’s profit as of 30th September 2020.
It was revealed by Vidyadhar Anaskar the Chairman of the Administrative Board in the meeting held last week with senior officials of the bank. “As of 30.09.2021, the bank’s net worth reached Rs 3,067 crore. The bank’s own funds have gone up to Rs 5,592 crore. This is an increase of 17% over last year”, he informed.
He further added that ” At the end of 30.09.2021, the net interest income of the bank was 495 crore and it had increased by 135% as compared to last year. At the end of the first half, the bank recorded a turnover of Rs 34,977 crore in which deposits are Rs 16,370 crore and loans Rs 18,607 crore”, Anaskar added, who is also the Chairman Maharashtra State Cooperative Council.
Besides, the bank’s return on assets is 2.70% and its ideal ratio is only 1%. This is 1.67% more than last year.
The provision coverage ratio of the bank is as strong as 91%. Thus, in the last half-year on 30.09.2021, the Bank has made substantial progress on all the criteria.
MSC Bank has provided a separate platform for Urban Co-operative Banks in the State to buy/sell Government Securities.
Bank also provided a portal for RTGS / NEFT transactions. Many facilities like CTS clearing were made available by the Bank to Co-operative Banks.
The Bank is currently in the process of upgrading the CBS Software and providing a “Cyber Security” platform for needy Co-operative Banks, it further reads.
It bears recall that the bank had recently donated Rs 1.51 crore towards the Chief Minister Relief Fund for relief and rehabilitation of flood and rain-affected people in the state.