Uttar Pradesh State Cooperative Bank, which hogged the media headlines in the wake of Cyber fraud, has crossed the business mix of more than Rs 20,500 crore in the 2021-22 financial year.
Besides, the bank earned a handsome net profit to the tune of Rs 50.70 crore as of 31st March 2022. The deposits of the bank rose from Rs 8,322 crore (2020-21) to Rs 10,562 crore in the 2021-22 FY whereas loans grew from Rs 8,710 crore to Rs 10,031 crore.
The efforts for eliciting the response of the bank’s Managing Director Varun Kumar Mishra on the bank’s financial performance have so far failed, as all calls from Indian Cooperative went unanswered.
The bank’s share capital and reserves fund & others rose stood at Rs 294 crore and Rs 848 crore as on 31st March 2022.
In the current financial year, the bank opened 13 new branches in different districts of Uttar Pradesh and state cooperative minister JPS Rathore inaugurated them. With the opening of these branches, the number of branches has increased to 40.