Despite the Covid-19, aftershocks, Maharashtra based Bombay Mercantile Cooperative Bank performed satisfactorily in the 2021-22 Financial Year. The bank crossed the business mix of more than Rs 3500 crore in the fiscal year.
The deposits of the bank grew from Rs 2363 crore (2020-21) to Rs 2412 crore as of 31st March 2022 whereas loans and advances rose from Rs 1104 crore to Rs 1172 crore in the 2021-22 FY. The total business of the bank stood at Rs 3584 crore.
The figures were revealed during the 85th Annual General Meeting held recently in Mumbai. Addressing the meeting of the bank, Chairman Zeeshan Mehdi said, “I am happy that despite several challenges, the bank has performed well on almost all the financial parameters.”
He further added that the bank is making efforts in recovering NPAs through personal follow-ups filing suits under SARFAESI & other legal measures. Due to the best efforts the bank put in, it posted a recovery of Rs 13.93 crore in NPA accounts during the year”, Mehdi said.
“To enhance the profit, the bank is in the process of designing and introducing new loan products and better deployment of surplus funds. The bank continues to make efforts to provide excellent customer service to the constituents by offering personalized solutions based on the best technologies in the future”, he underlined.
The bank’s Paid-up share capital stood at Rs 151.39 crore as of 31st March 2022. The working capital of the bank increased from Rs 2,669 crore to Rs 2,753 crore in the 2021-22 FY.
The gross and net NPA of the bank stood at 7.51 % and 5.32 % as of 31st March 2022. Under the ‘Mahila Unnati’ (Micro Financing) scheme, the borrowers’ outstanding in this scheme stood at 360 and Rs 64.58 lakhs respectively as of 31st March 2022.
Readers would recall that last year in December, the bank launched a ‘Mobile App’ which enables the users to carry out banking transactions digitally, on a single platform.
The Bank was established in Mumbai in 1939 by Shaikh Mohammedally Allabaux and Padmashri Zain G. Rangoonwala and has now grown to 52 branches spread across 10 states. It’s a Scheduled Bank and transacts all banking businesses including Foreign Exchange.