Gujarat’s Surat People’s Cooperative Bank crossed the business mix of more than Rs 10,200 crore and earned a net profit of Rs 77 in the 2022-23 financial year, beating all its past records.
Sharing the financial figures with the Indian Cooperative, the Bank Chairman Mukesh Dalal said, “The bank business increased from Rs 9,133 crore (2021-22) to Rs 10,233 crore as of 31st March 2023. Besides, the Deposits rose from Rs 5379 crore to Rs 6022 crore in 2022-23 Similarly, Advances grew from Rs 3753 crore to Rs 4211 crore”, he added.
“Besides, the bank earned a gross profit and net profit of Rs 123.52 crore and Rs 77 crore as of 31st March 2023 respectively. Thus the bank registered a growth of around 12 % in all segments”, Dalal added.
The Gross NPA of the bank came down from 2.79% to 1.77%. The bank has again maintained the tradition of having Zero Net NPA. “We are planning to open two new branches and currency chest as well”, informed the Chairman while talking to this correspondent.
He further added that the performance of the bank during the year is satisfactory but we are aiming to come on the top in the list of Urban Cooperative Banks in the state. For this, we are looking forward to expanding branches and the merger of weaker banks with our bank. At present, Surat People’s Coop Bank is listed as the third largest UCB in Gujarat.
The bank has a network of 30 branches, in Gujarat and Maharashtra.
Readers would recall that recently the Bank hogged the media headlines for getting an award on the completion of 100 years from Union Home and Cooperation Minister Amit Shah at Vigyan Bhawan.
The bank was established in 1922 at Surat. The Bank was registered on 10th March 1922 and started functioning from 21st April 1922.The Bank was first registered as the Urban Co-Operative Bank in India and became Scheduled Bank on 1st September, 1988.