Amidst Covid-19, the biggest cooperative bank in the entire South India- Visakhapatnam Cooperative Bank has achieved a milestone by crossing the total business of Rs 6,500 crore. The bank has performed well on all the financial parameters in the 2020-21 FY.
The total business of the bank has been increased from Rs 6048 crore in 2019-20 to Rs 6,617 crore in 2020-21. The deposit grew from Rs 3680 crore to Rs 3,898 ((10.13 percent growth than last year) and Advances rose from Rs 2,368 crore to Rs 2,719 (14.31 percent growth than last year) as on 31st March 2021.
The bank has registered an unprecedented profit of Rs 47.50 crore in the year ending with 31st March 2021, which is 39 percent higher than the profit of last year. The Net NPA of the bank has come down drastically from 4.02 percent last year to 0.46 percent for 2020-21.
An official statement released by the bank reads, “Year 2020-21 remains one unforgettable year in banking history in view of the COVID-19 pandemic which has shaken the world. India was also most affected, said Shri Chalasani Raghavendra Rao, the Chairman of The Visakhapatnam Cooperative Bank.
“He further congratulated all the people connected to the banking industry who served the people of the nation relentlessly in lockdown times when the corona virus spread through metros, cities, towns, villages and interiors of rural India without any exception. Even in such difficult times the Visakhapatnam Cooperative Bank Ltd was able to stand against all odds and earn a profit of Rs 47.50 crores which is 39 percent growth”, the statement reads.
The board of the bank thanked whole heartedly all the Members, customers and Employees of the bank for the hardships they have faced during the year 2020-21 and still supported the bank against all odds and earned profits.
The Bank’s CEO informed P V Narasimha Murthy informed that all the ATMs of the bank were operational 24/7 in COVID 19 pandemic Lockdown times, which acted as a great help to all the customers of all banks who were unable to withdraw money from their respective banks personally due to fear of getting infected with the virus.
The Bank has come up with a mobile app through which IMPS, NEFT and RTGS can be done from anywhere in the country.
It is a Multi-State Cooperative Bank offering services to a varied clientele through its 50 branches operating in both the States of Andhra Pradesh and Telangana and ranks 18 among all urban cooperative banks in the entire country, based on various parameters applicable to the banking industry.