The 112nd AGM of The Maharashtra State Co-operative Bank Ltd., which was held last week in the Sahakar Sabhagruh, Mumbai declared 10% dividend to members unanimously. The co-op bank performed well on almost all the parameters earning a net profit of Rs 603 crore.
The AGM started with the Bank’s Administrator Vidyadhar Anaskar reviewing the progress made by the Bank during the financial year mentioned in the Annual Report. It was revealed that MSCB is the only Co-operative Bank with the highest Net worth in the country. The Net Worth of the MSC Bank stood at Rs 3,879 crore, which increased by Rs 651 crore (20%) compared to last year.
The MSC Bank had earned a net profit of Rs. 603 crores last year. This was inclusive of invoked Government guarantee from the State Government. During FY 2022-23, the bank had earned Net Profit of Rs. 609 crore, which does not include any amount of invoked Government Guarantee. The meeting unanimously approved 10% dividend recommended by the Administrator.
The Owned Funds of MSC Bank as on 31st March, 2023 reached to the level of Rs. 6,561 crore, increased by Rs. 534 crore. Bank has maintained a CRAR of 18.04% as against the required CRAR of 9%. This proves that the profitability of the Bank has increased. While calculating CRAR, one has to consider the disbursement of Loans and Advances. The CD ratio of the Bank stood to 80%.
The Loans & Advances of MSC Bank stood at Rs 26,450 crore, increased by Rs 490 crore as compared to last year. Deposits decreased by Rs 2,453 crore as compared to last year and stood at Rs 18,614 crore.
Due to surplus funds, the Bank kept the interest rate on deposits competitive. Due to decrease in deposits total business of the Bank decreased by Rs 1,963 crore and as on 31st March, 2023 reached to the level of Rs. 45,064 crore.
Business per staff has doubled in the last 5 years and reached to Rs 64 crore from Rs 33 crore and the bank has kept Provisioning Coverage Ratio at 95%, due to which Net NPA is reduced to 0.58%.
The bank has achieved “Audit Class – A” for continuous 11 years. The bank has been paying a 10% dividend for the last 9 years. For the first time in its 112th years history, the Bank has been awarded the “ISO 27001-2013” certificate which is a sign of the Bank’s progress. It is a proud moment for every institution, especially for financial institutions to get “International Security Certificate”, reads the Annual Report.
The report sums up the performance in easy terms—The Total Turnover of the Bank is Rs 45,064 crore. The Bank’s Net Worth is Rs 3,879 crore, Gross Profit is Rs 1,024 crore, Net Profit is Rs 609 crore, Owned Funds is Rs. 6,562 crore, the bank has been achieving “Audit Class – A” for continuous 11 years.
