Mumbai-based GS Mahanagar Co-operative Bank successfully held its 52nd Annual General Meeting last week under the chairmanship of newly elected Chairperson Geetanjali Shelke. The bank reported that its overall business crossed Rs 4,600 crore as on March 31, 2025, and the Board of Directors has approved a 10% dividend for all members.
Despite achieving growth across almost all financial parameters, the bank’s net profit nearly halved compared to the previous year. In FY 2024–25, the bank posted a net profit of Rs 16.24 crore, down from Rs 36.19 crore in FY 2023–24, a decline of 45.87%.
Explaining the reasons, the Chairperson highlighted that higher interest rates on term deposits and slower-than-expected growth in the loan portfolio impacted profitability. “For the current year, the gross profit stood at Rs 23.14 crore. After provisions of Rs 6.92 crore and Golden Jubilee-related expenses, including a 5% dividend to members and a one-month bonus salary to employees, the net profit stands at Rs 16.24 crore,” the Annual Report stated.
During the year, deposits rose from Rs 2,884 crore in 2023–24 to Rs 3,022 crore in 2024–25. Advances grew marginally from Rs 1,573 crore to Rs 1,579 crore. The bank also maintained zero percent net NPAs and continued to secure an ‘A’ audit rating, reaffirming its strong financial discipline.
Looking ahead, GS Mahanagar Bank announced plans to shift to its newly constructed 9-storey, self-owned administrative headquarters, which will enable the bank to deliver enhanced services to customers.
Expressing gratitude, the management thanked all members, depositors, account holders, and staff for their continued trust and support in the bank’s journey of growth.
