Mumbai based Bombay Mercantile Cooperative Bank organized its 86th Annual General Meeting on Monday, in which it was revealed that the bank earned a net profit of Rs 5.07 crore in the 2022-23 FY. Earlier, in 2021-22 it was Rs 2.36 crore.
The Chairman Avan Kumar Singh made the announcement in the presence of shareholders.
Singh announced that the bank has successfully obtained a licence from IRDA and is now planning to solicit the insurance business in the Life, General, and Health categories. We are planning to enter this sector in October this year as a part of adding more values to our core banking business”, he added.
He further added that the bank’s well-defined policies result in the overall growth of the bank. The total gross business of the bank increased from Rs 3584.84 crore to Rs 3617.78 crore.
The deposits increased from Rs 2412.20 crore to Rs 2414.03 crore while advances increased from Rs 1172.64 crore to Rs 1203.75 crore. The bank earned an operating profit of Rs 31.82 crore in the FY 2022-23. Earlier, in 2021-22, it was Rs 22.76 crore.
The Chairman further added that, 86 years ago BMC bank was incorporated by great personalities Mohammad Ali Allah Bux and Zain G. Rangoonwala Sahib. The bank had a good track record from its inception. A tiny sapling planted in 1939, became a full-fledged urban co-operative bank in 1941.
The bank has 52 branches spread across 10 states. It’s a Scheduled Bank.
