Maharashtra based Pune People’s Cooperative Bank has performed well on almost all the financial parameters and registered growth in the financial year 2020-21. The bank has also crossed the business mix of more than 2k crore.
The bank’s total business increased from Rs 1,837 crore to Rs 2,012 crore as on 31st March 2021. Despite the Covid-19, challenges the bank has succeeded in achieving the net profit to the tune of Rs 12.64 crore in the 2020-21 financial year. Besides, the bank has announced plans to give a 12 percent dividend to its more than 40k shareholders.
Talking to Indian Cooperative the bank Chairman Janardan Randive (CA) said, “We have seen no impact of Covid-19 on our business and from deposits to loans and advances to profit and on other financial parameters, the UCB has performed well”.
“The deposits of the bank increased from Rs 1132 crore (2019-20 FY) to Rs 1251 crore in the 2020-21 FY whereas loans and advances rose from Rs 705 crore to Rs 761 crore as on 31st March 2021. Besides, the net NPA as on 31st March 2021 stood at 2.34% and our team as well as management are working hard to control the NPA”, he asserted.
The share capital of the bank grew from Rs 22.25 crore to Rs 22.63 crore as on 31st March 2021 whereas reserves rose from Rs 120.98 crore to Rs 135.57 crore in 2020-21 FY. As on 31st March 2021, the bank CRAR stood at 12.81 percent. The bank has a network of 24 branches.
The bank’s board has also decided to amalgamate some branches with a view to ensure business growth and avoid expenditure. “Recently we have merged the Anudh branch into its Baner branch and we are planning to merge the Perugate branch to Laxmi road branch soon”, said Subhash Mohite, Director of the bank.
Meanwhile, the bank is also planning to organize its AGM in the first week of September.
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, when Covid-19 entered India.