Mumbai-based Kokan Mercantile Cooperative Bank organized its 55th Annual General Meeting last week in a joyous atmosphere, as the bank’s net profit surged from Rs 1.17 crore in the 2022-23 fiscal year to Rs 9.68 crore as of 31st March 2024.
During the year, the bank performed well on all parameters in the 2023-24 fiscal year. The bank’s business mix increased from Rs 1,165.61 crore to Rs 1,236.46 crore as of 31st March 2024.
The bank’s own funds increased to Rs 17,836.31 lakh, while Deposits and Advances grew to Rs 772.29 crore and Rs 464.17 crore respectively as of 31st March 2024.
Talking to Indian Cooperative, the bank’s Chairman, Asif Dadan, said, “We have performed well on all financial parameters and are leaving no stone unturned in taking the bank to new heights”, he said.
“During the year, we registered significant growth in net profit, and the bank did not draw any amount from free reserves to the Profit & Loss Account during the year 2023-24,” he added.
The bank’s membership has increased, standing at 53,657 as of 31st March 2024, compared to 52,986 as of 31st March 2023”, the Chairman said.
He stated, “The number of nominal members as of 31st March 2024 was 9,248, up from 6,139 as of 31st March 2023, which constitutes 17.24% of the total members, within the 20% limit permissible by the Reserve Bank of India.”
The bank’s share capital and reserves stood at Rs 1,756.89 lakh and Rs 16,079.42 lakh, respectively. The bank’s Working Capital amounted to Rs 95,092.04 lakh, and the Income for the year stood at Rs 8,140.99 lakh.
The bank’s Gross NPA as of 31st March 2024 was Rs 55.50 crore, while Net NPA stood at Rs 21.00 crore amounting to 4.80% . The Bank was adjudged the best bank in its category for Best NPA management and Best Audit Initiative.
Dadan said that during the year new loans of Rs 107 crore were disbursed and out of this not a single account slipped into NPA.
The bank is adequately maintaining the CRAR (Capital to Risk Assets Ratio), which stood at 16.02% as of 31st March 2024, well above the required rate of 9.00% as per the Reserve Bank of India.
This AGM witnessed a unique feature where along with the present Directors, 19 past Directors of the bank since1969 along with past CEOs and GMs were present showing unity among all present and past stakeholders.
The Chairman Felicitated Ali. M. Shamshi, Founder member and past Chairman for Life Time Achievement for his contribution to the Institution.
