Despite the Covid-19 challenge, Maharashtra based Pune People’s Cooperative Bank, a Multi-State Bank has performed well as both its business and profit registered a growth in the financial year 2019-20. The bank has also crossed the deposit base of Rs 1200 crore in the third quarter of the current FY.
The bank’s total business increased from Rs 1,772 crore to Rs 1,837 crore as on 31st March 2020. The rise in the profit is slight and it has increased from Rs 12.52 crore to Rs 12.64 crore in the 2019-20 financial year.
One of the directors Adv. Subhash Mohite who is also the Chairman of Pune Urban Cooperative Banks Association said, “We have seen no impact of Covid-19 on our business and from deposits to loans and advances to profit and on others financial parameters, the UCB has performed well. Even till the end of third quarter of the current financial year we have crossed the deposit base of Rs 1200 crore”.
“The deposits of the bank increased from Rs 1102.57 crore (2018-19 FY) to Rs 1132.04 crore in 2019-20 FY whereas loans and advances rose from Rs 670.16 crore to Rs 705.90 crore as on 31st March 2021. Besides, there is a slight rise in NPA level and the Net NPA spiked from 0.77 percent to 2.34 percent. Our team as well management are working hard to control the NPA”, he asserted.
Pune People’s co-op bank board has also decided to amalgamate some branches with a view to ensure business growth and avoid expenditure.
The bank had also proposed formation of a Management Board and had sent the recommendation and the amendment to the Central Registrar. Since it was not approved, we are again submitting the same for approval. We have also proposed a dividend of 12 percent and have recommended it but the RBI has placed some restrictions on disbursing the dividend for all co-ops, we could not pay the dividend to the members, Chairman CA Janardan Ranadive said quoting the banks’ 2019-20 annual report.
The share capital of the bank grew from Rs 21.75 crore to Rs 22.25 crore as on 31st March 2020 whereas reserves rose from Rs 103.71 crore to Rs 120.98 crore in 2019-20 FY. As on 31st March 2020, the bank CD Ratio stood at 62 percent. The bank has a network of 24 branches.
Meanwhile, the bank has announced plans to organize its 69th AGM at Mahaveer Pratishthan, Pune on 24 January 2021.
It bears recall that the bank had donated a sum of Rs 10,11,111/- towards the Chief Minister Relief Fund in helping the government fight against Covid-19.