The biggest Urban Cooperative Bank of South India-the Visakhapatnam Cooperative Bank has performed well on all the financial parameters in the 2022-23 FY earning a net profit of Rs 73.07 crore. The Bank’s total business crossed to more than Rs 7,000 crore as on 31st March 2023.
The UCB’s total business rose from Rs 6,797 (2021-22) to Rs 7026 crore (2022-23). The deposits increased from Rs 3,934 crore to Rs 3973 crore whereas loans and advances grew from Rs 2863 crore to Rs 3052 crore as of 31st March 2022, according to the audited figures shared by the bank with the Indian Cooperative.
Besides, the bank’s gross and net NPA stood at 4.75 percent and 1.22 percent respectively. The bank earned a net profit to the tune of Rs 73.07 crore. Earlier i.e. 2021-22, the net profit was Rs 66.81 crore.
The Bank’s Chairman Raghavendra Rao has expressed happiness and gratitude for the absolute support and cooperation of Board Members, General Members, depositors, borrowers, well-wishers and all patrons.
The Chairman placed on record the contributions of all the bank officials and staff members in creating an atmosphere of trust and faith among customers and the general public with their dedication and service orientation towards the utmost satisfaction of customers.
It is a Multi-State Cooperative Bank offering services to a varied clientele through its 50 branches operating in both Andhra Pradesh and Telangana and ranking 18 among all urban cooperative banks in the entire country, based on various parameters applicable to the banking industry.
The total members counting 3,661 with share capital of Rs 9 lakh in 1984-85 have grown to 92,831 members with share capital of 304.21 crs in the year 2022-23 and thus it has become the biggest cooperative urban bank in South India.
The bank will continue to serve patrons in a much better way using the latest technology to win more laurels in the days to come, said one of the senior officials of the bank.