The 116th Annual General Meeting of the Cosmos Cooperative Bank was held on Tuesday in Pune. Chairman CA Milind Kale welcomed the members and informed the General Body about the progress of the Bank for the Financial Year that ended on March 31, 2022. Indian Cooperative had discussed the performance of the bank in these columns earlier.
Speaking on the occasion, Kale stated that the business set up of the Bank crossed the milestone of Rs 28,800 Crore comprising deposits to the tune of Rs. 16,522 Crore and Advances at Rs. 12,292 Crore.
The Cosmos Co-Operative Bank has registered an operating profit of Rs.350 crore and net profit of Rs.65.91 crore for the Financial Year ending on March 31, 2022, declared the Chairman.
At the end of the FY 2021-22, the financial position of the Bank is satisfactory with Reserves of Rs.1,765 Crore and Capital to Risk Assets Ratio (CRAR) at 13.19%, underlined Kale.
As recommended by members, the Bank will urge the Reserve Bank of India to grant permission to distribute dividends at 8 % for the Financial Year 2021-22, he informed.
The Bank performed outstandingly in NPA Recovery and made a record recovery of Rs 548 Crore at the end of March 2022. This is the highest recovery by the Bank till date.
The Bank’s AGM was attended by members in large numbers. The Bank’s Vice Chairman, Sachin Apte, Senior Director, Dr. Mukund Abhyankar, all Directors of the Board and Managing Director, Mrs. Apekshita Thipsay attended the AGM.