Co-op movement is regarded weak in the northern India but there is good news coming from West Bengal. Samata Cooperative Development Bank has crossed the business mix of more than Rs 250 crore in the 2021-21 FY. The bank earned a net profit of Rs 1.82 crore and announced a 9 percent dividend to its shareholders.
The figures were revealed during the Annual General Meeting. The bank deposits grew from Rs 171.97 crore in 2019-20 to Rs 182.77 crore in the 2020-21 FY but because of Covid-19 reasons, the advances of the bank slightly decreased. The advances decreased from Rs 144 crore to Rs 142 crore, registering a shortfall of Rs 2 crore.
“Due to Covid-19, we failed to disburse the targeted loans but in this financial year, we are focusing on the priority sector and hope that the gap will be filled. With the support of management, we are working hard to take the bank to newer heights”, said Debasish Bhattacharjee, C.E.O of the UCB to our correspondent.
Besides, the share capital of the Bank stood at Rs 12.84 crore. The reserves increased from Rs 12.88 crore to Rs 15.87 crore in the 2020-21 FY. The CRAR of the bank is 42.67%, Net NPA 1.72%, CD Ratio 66.94% as of 31.03.2021.
D. Bhattacharjee further asserted that the UCB has a branch network of 4. “We are also planning to open more branches to attract more and more customers in the coming days. More than 17000 shareholders are associated with the bank. In the last FY, the bank earned a net profit to the tune of Rs 1.82 crore.
The bank is ahead in the field of technology and also recently launched a mobile Banking app to compete with other players in the market.
It bears recall 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.