The Financial year 2018-19 for most of the Urban Cooperative Banks was not satisfactory but one of the small UCBs of Mumbai namely Mangal Cooperative Bank performed well in all fields.
The bank deposits, loan & advances, profits have increased. Besides, the bank has performed well in maintaining the NPAs at Zero level. “The Bank is aiming to achieve a business mix of over Rs 140 crore till the end of the current financial year”, said one of its directors and former Chairman of the bank Ashok V Borade.
The bank deposits have been risen from Rs 47.19 crore to Rs 51.50 crore whereas loans & advances increased from Rs 26.35 crore to Rs 31.74 crore. The total business mix stood at Rs 83.25 crore as on 31st March 2019.
However, the bank succeeded in controlling the NPAs account. The Gross NPA decreased from 8.19% to 6.46% whereas the Net NPA reduced from 0.33% to 0% as on 31st March 2019.
The net profit increased from Rs 38 lakh to Rs 60 lakh. The working capital stood at Rs 62.73 crore.
Meanwhile, the bank has been awarded the Second Prize in the category of below Rs.500.00 crore in greater Mumbai given by the Brihan Mumbai Nagari Sahakari Bank Association.
The reserve and surplus increased from Rs 7.58 crore to Rs 7.88 crore.
The bank has 6 branches across Maharashtra and has no plans to open new branches in the near future. “We are focusing on improving the business of existing branches. We will strengthen our internalsystem”, underlined Borade.