The 100 years old Maharashtra based Scheduled Bank Bassein Catholic Cooperative Bank has achieved the rare distinction of being a “0%” Net NPA bank, according to the financial report prepared at the close of this fiscal. It also registered a growth of 9.53% in Deposits and 16.36% in advances with its total business exceeding over 10,000 crore, claimed its Chairman Onil Almeida during the 100th AGM of the bank held recently in Vasai.
The bank’s gross NPA declined to 3.94% during the year as against 4.36% at the end of the previous FY. As on 31st March 2018, the bank’s Net NPA is “zero” as against 0.56% at the end of the previous FY.
The bank has achieved a higher net profit of Rs 80.70 crore in the current FY whereas it had achieved a net profit to the tune of Rs 71.48 crore in the previous year.
During the year, the financial performance of the bank in the areas of deposit growth, advances growth, NPA management and profitability growth are highly satisfactory considering the trend prevailing in the industry.
The deposits of the bank at the end of the year have reached to Rs 6,098.47 crore with a growth of 9.53% which is above the Industry growth of 6.70%. The bank advances increased to Rs 4034.49 crore during the FY 2017-18, reporting a net increase of Rs 567.48 crores i.e. 16.36% from Rs 3467.01 crore as on 31st March 2017 which has been satisfactory.
Now, the bank’s total business mix stood at Rs 10,132 crore as on 31st March 2018.
Talking about the future goals and targets the bank Chairman said, “the board has now set a challenging goal of achieving a business mix of Rs 20,000 crore by the end of 2022. The land for a new spacious premises for the Bank’s Head office has been acquired”, he added with a sense of satisfaction.
The bank’s proposal to obtain Multi-State Cooperative Bank’s status is awaiting the RBI approval.
The bank has announced 15 percent dividend for its shareholders.
During the FY, the bank has opened four new branches at Bhiwandi, Chandansar, Kandivali and Chakan at Maharashtra. In the current FY 2018-19, four branches have been opened and two more would be opened at Nashik-Sainath Nagar and Mulund. Presently the bank is having a network of 63 branches across the state.
Readers would recall that the bank has completed its 100th Year on 6th February 2018 and organized scores of programs to celebrate the centenary year and inaugurated the bank’s new guest house at Usgaon.
The bank has been conferred with the ‘Best Bank’ award by “The Maharashtra Urban Cooperative Banks Federation” for the year 2016-17 in the category of banks having deposits of above Rs 3000 crore, the Bank Chairman said proudly.
Besides, Chairman, Vice-Chairman Yuri D.Gonsalves, Director Sunil M. D’mello, CEO, Brijdina R Coutinho, CGM, Agnello J. Pen scores of delegates and others were present on the occasion.
