West Bengal based Samata Cooperative Development Bank has crossed the business mix of more than Rs 350 crore in the 2021-22 FY and earned a net profit of Rs 2.60 crore.
The figures were revealed during the Annual General Meeting held recently. Despite adverse market conditions, the bank deposits grew from Rs 182.77 crore in 2020-21 to Rs 208.86 crore in the 2021-22 FY whereas advances rose from Rs 142 crore to Rs 162.91 crore as on 31st March 2022.
The business of the bank stood at Rs 370 crore. The bank announced a 9 percent dividend for its shareholders.
Besides, the share capital of the Bank stood at Rs 13.89 crore. The reserves increased from Rs 3.09 crore to Rs 3.56 crore in the 2021-22 FY. The CRAR of the bank is 33.24%, Net NPA 3.19%, CD Ratio 70.45% as of 31.03.2022.
The co-op movement perceived to be weak in northern India but despite several odds, Samata Cooperative Development Bank has performed well.
At present the bank is focusing on the priority sector and making efforts to take the bank to newer heights”, said Debasish Bhattacharjee, C.E.O of the UCB to our correspondent.
The bank has a branch network of four and now they are planning to open more branches to attract more and more customers in the coming days. More than 17000 shareholders are associated with the bank.
Samata Co-operative Development Bank recently introduced UPI- Unified Payment Service for its customers.
The bank is ahead in the field of technology and has launched a mobile Banking app to compete with other players in the market. It has installed its own in-house data center in the year 2018 for better safety
It bears recalling that Samata Cooperative Development Bank bagged the “BEST EAST BASED BANK” Award in the Small UCB category from FCBA Banking Frontiers for the year 2019 and “BANCO BLUE RIBBON 2019” in the All India Urban Banks Category from BANCO AVIES Publications.
Samata Co-operative Development Bank Ltd was established on 24th September 1997.