Maharashtra based Dombivli Nagari Sahakari Bank’s total business dipped by over Rs 500 crore in the 2021-22 financial year and the bank’s profit reduced by around Rs 14 crore in this particular fiscal.
When the Indian Cooperative correspondent phoned the bank’s Chairman Adv Ganesh Dhargalkar to seek his reaction to the financial report, he said, “I will not give any comment unless you meet me at my office at Dombivli, Maharashtra. It matters little whether you are Rohit Gupta or Rahul Gandhi”. The chairman was stonewalling my queries and his tone was arrogant and rude.
According to the financial figures published on the bank’s website, “The total deposits of the bank decreased from Rs 4,064 crore (2020-21) to Rs 3,935 crore as of 31st March 2022 whereas total advances (secured & unsecured) declined from Rs 2,386 crore to Rs 1,882 crore in the 2021-22 FY.
The total business of the bank got down from Rs 6,450 crore (2020-21) to Rs 5,817 crore as of 31st March 2022.
The bank earned a profit of Rs 24.35 crore in the 2021-22 FY. Earlier i.e. in 2020-21, it was Rs 39.06 crore.
The bank has set a target to achieve a business mix of Rs 10,000 crore and 75 branches till 2023. The bank has also planned to become a multi-state bank, according to the bank’s official website.
At present the bank has a network of 65 branches. The total reserves & fund stood at Rs 301.51 crore and paid up share capital of Rs 142 crore in the 2021-22 FY.
