Himachal Pradesh State Cooperative Bank earned a gross profit of Rs 303 crore, which is the highest ever in the history of the bank in the 2022-23 FY. The business mix of the bank crossed to more than Rs 22,700 crore.
While sharing the figures, the newly appointed Chairman Devendra Shyam said, “During the financial year 2022-23, the Bank has achieved unprecedented growth on all the financial parameters. The deposits of the bank increased from Rs 12,759 crore as on 31st March 2022 to Rs 14,121 crore in the 2022-23 FY, registering a growth of 10.68 percent”.
“Whereas loans and advances increased from Rs 7,187 crore to Rs 8,644 crore, registering a growth of 20.27 percent. Thus, the business mix of the bank as on 31st March stood at Rs 22,765 crore”, he revealed these figures while addressing media persons on Tuesday.
Besides, the bank earned a gross profit and net profit of Rs 303 crore and 177.55 crore in 2022-23 respectively.
On this occasion, the Managing Director of the Bank, Sharvan Manta said, “Today most of the banks of the country are grappling with higher NPA levels. The Bank effectively implemented loan recovery during this financial year to reduce its Gross NPA to a large extent”.
“The bank succeeded in lowering down NPA levels. The gross NPA of the bank is 6.92 percent. In the future, we are looking forward to introducing new technologies for our customers. We are planning to provide the net bank facility to our customers in the near future”, he added.
The bank CRAR stood at 18.41 per cent and C.D. ratio has reached 61 percent. Highlighting the future targets, the bank MD said, we have set a target to achieve a business mix of more than Rs 25,000 crore which includes Deposits of Rs 15,000 crore and loans of Rs 10,000 crore. The efforts will be made to lower NPA levels”, he stated.
Himachal Pradesh State Cooperative Bank is providing banking services to the people of the state at their doorstep through its 217 branches and 23 extension counters in six districts of the state namely Shimla, Bilaspur, Mandi, Chamba, Sirmaur and Kinnaur.
