Pune based Cosmos Cooperative Bank which was earlier reported to be on acquisition spree has posted a net profit of 137.03 crore in the financial year ending 31st March 2012, an increase of more than Rs 26 crore compared to last year.
The Chairman of the Bank Mr Shashikant Bugde said that total deposits of the Bank stood Rs 12,060 crore and advances at Rs 8,510 crore. Mr Bugde declared 15% dividend for shareholders.
He informed that the financial position of the Bank has been strengthened in this financial year. The owned funds of the Bank stands at Rs 1331 crore and Capital to Risk Assets Ratio (CRAR) is at a healthy 12.56%.
The 106th Annual General Meeting (AGM) of the Bank was organized a couple of days ago in Pune. Chairman of the Bank Mr Shashikant Bugde shared financial details on this occasion. The Directors and Members of the Bank were present in large numbers on this occasion.
Total business in this financial year reached up to Rs 20,570 crore. Leaving overall growth trend of banking sector much behind Cosmos Bank’s deposits increased by 32% while advances increased by 33.30%. This information was shared by the Chairman.
At present, authorized share capital of the Bank is Rs 300 crore. AGM has approved an increased authorized share capital to Rs 1,000 crore. It has also resolved to extend Bank’s area of operation to Uttarakhand, Punjab, Delhi, Goa, Rajasthan and West Bengal.
In the financial year 2011-12 Cosmos Bank’s share capital stood at Rs 291 crore and reserve fund reached upto Rs 1,040 crore. Bank’s total investment reached to Rs 3,989 crore, working capital to Rs 13,824 crore, net worth Rs 932 crore and C.D. ratio 70.56%.
Till 31st March 2012, the Bank is operational in six states through 110 branches and 9 extension counters (Total 119 branches) and 6 Offsite ATMs. Previous year, Cosmos Bank has successfully merged Amravati Peoples Co-op. Bank and has started its four new Branches.
Cosmos Bank has a strong financial foundation with 75,520 members and more than 17 lakh depositors. At present, total 2,461 staff are working in the Bank, a proud Chairman announced.