Maharashtra based Multi-State Scheduled Bank- Nagpur Nagarik Sahakari Bank has released its audited financial result of 2019-2020. According to the financial report the bank has not performed well on several parameters. The NPA of the bank has increased while the the profit has registered a dip.
The gross NPA of the bank increased from 10.28 percent to 11.31 percent whereas net NPA rose from 4.40 percent to 5.17 percent as on 31st March 2020. The net profit of the bank decreased from Rs 5.56 crore to Rs 3.46 crore in 2019-2020 FY.
Reacting to the financial report of the bank CEO Subhash Godbole said, “As other financial institutions are grappling with the adverse market condition due to Covid-19, so is our bank.
Due to the lockdown mid-March, the bank failed to recover the dues and many other activities were disrupted in the wake of the coronavirus”.
“The main reason for the increase in the NPA is coronavirus and we have made a provision of Rs 8.5 crore from our profits. We are still making efforts to take the bank to the newer heights and perform well. The business mix of the bank increased from Rs 2,289 to Rs 2,330 crore as on 31st March 2020”, he added.
Godbole further said that there is a slight increase in the deposits of the bank but there is a decrease in loan and advances of the bank.
The deposits of the bank increased from Rs 1462 crore to Rs 1533 crore whereas loans and advances decreased from Rs 826 crore to Rs 804 crore as on 31st March 2020.
The CRAR of the bank is 14.39 percent and the working capital is Rs 1718 crore. The Share capital of the bank is Rs 2591.80 lakh.
The bank has a network of 45 branches across Maharashtra, Madhya Pradesh and Chhattisgarh. 19 branches have their own premises with modern interiors.
It is worth repeating that the term of the board presided over by Sanjay Bhende is over and the management has written a letter to the authorities concerning the election.
