Raigad based Adarsh Nagari Sahakari Patsanstha performed spectacularly during the 2023-24 financial year, as its net profit increased from Rs 4.81 crore (2022-23) to Rs 6.10 crore as on 31st March 2024.
The society’s gross NPA stood at 0.55 percent, very less compared to other credit cooperative societies running in India.
The cooperative society is on a growth path creating milestones in catering to the financial needs of the downtrodden people. As per the unaudited figures shared with Indian Cooperative read, the bank’s business crossed to Rs 600 crore in the 2023-24FY.
The deposits grew from Rs 302 crore in 2022-23 to Rs 358 crore in 2023-24 whereas loans and advances rose from Rs 205 crore to Rs 260 crore as on 31st March 2024. The business of the society increased from Rs 508 crore to Rs 618 crore in the 2023-24 FY.
Again this year the society maintained the tradition of having ‘Zero’ net NPA.
Talking to the Indian Cooperative the society’s founder Chairman Suresh Patil said, “In the 2023-24 financial year, we have performed well on all the financial parameters and are planning to expand our footprints in other areas also”.
“The society has a network of 17 branches in 6 districts of Maharashtra and will open more branches in the near future. We got the license for opening three more branches and will open them in Pune and Raigad in a period of six months”, Patil informed.
He further noted, “We are looking forward to disbursing small loans and attracting youth to the society. We are upgrading ourselves with the latest technology”, he said.
The society’s Chairman expressed his thanks to the Vice-Chairman, Directors, CEO, officials, and members of the society for their kind support and cooperation extended during this financial year for achieving the overall progress of the society.
As of 31st March 2024, the investment made was Rs 133.66 crore. The society earned a gross profit of Rs 8.05 crore in the 2023-24 FY.
It bears recalling that in the last financial year, the society launched ‘Ananya Saving Scheme’ for the children between 5-17 years, is coming up with good results and under this scheme more than Rs 3 crore as deposits has been collected.
Adarsha Nagari Sahakari Patsanstha was established in 1998 and in a short span of time the society has done well. More than 18k shareholders are associated with the society.