One of largest cooperative banks of salary earners in Maharashtra, Municipal Cooperative Bank earned a net profit to the tune of Rs 92.47 crore as on 31st March 2023. Earlier, i.e. 2021-22, it was Rs 80.94 crore.
The bank has performed well on the financial parameters in 2022-23. The total business of the bank increased from Rs 6,415 crore (2021-22) to Rs 6,697 as on 31st March 2023.
The deposits of the bank grew from Rs 3,763 crore to Rs 3,828 crore whereas loans & advances increased from Rs 2652 crore to Rs 2869 crore. This year also the bank net NPA remains ‘Zero’.
There is a slight increase in the bank gross NPA and it has increased from Rs 2.29 percent to 3.93 percent. The bank has a network of 21 branches.
The above details were shared by one of the directors of the bank Ms Varsha A.Mali with this correspondent. Mali, who also attended the Nafcub AGM, demanded that RBI should extend the housing loan limit from the existing Rs 60 lakh. “We are facing a lot of challenges in disbursing heavy loans. In Maharashtra the rate of single flats is more than Rs 1 crore due to which we fail to entertain big borrowers”, she gripped.
The Deputy Municipal Commissioner Vishvas V.Shankarwar is the Chairman of the bank.