While the same Mumbai is a city for heart-wrenching experiences for many depositors of the PMC Bank, there are several urban co-op banks which are not only performing well but also living up to the expectation of their depositors.
One of them is the Mumbai based Multi-State Scheduled Bank Citizencredit Cooperative Bank recently concluded its 22nd Annual General Meeting at St. Andrew, Auditorium, Mumbai where it was announced that the UCB had decided to give 16 percent dividends to its members.
The bank’s total deposit rose from Rs 3069.28 crore to Rs 3266.75 crore as on 31st March 2019, registering a growth of 6.43%.
He further said, “In the FY 2017-18 the total business mix was Rs 4,423.09 crore whereas in the FY 2018-19 the total business stood at Rs 4,812.89 crore. The bank’s total credit portfolio stands at Rs 1,546.14 crore as of March 31, 2019, registering a growth of 14.21 percent”, he asserted.
The UCB, however, had succeeded in decreasing its NPA in the last financial year. “The Gross and Net NPAs in 2017-18 were 6.26% and 2.64% respectively whereas in the FY 2018-19 the Gross and Net NPAs stood at 4.99% and 1.65% respectively,” the Chairman added.
However, the bank has earned a net profit of Rs 11.23 crore in last FY 2018-19 after making all provisions as required.
Meanwhile, the bank is currently in its centenary year (1920-2020). The momentous occasion was celebrated on May 8, 2019 with a Eucharistic Celebration at the St. Andrews Auditorium. The bank felicitated its past and present Chairmen, MDs & CEOs and acknowledged their contributions to the bank.
The Bank has 46 branches spread over Maharashtra, Goa and Union Territory of Daman. During the FY 2018-19 two branches were opened at New Panvel and Dahisar. The Moti Daman Branch was merged with the Nani Daman branch during the period.
The bank has announced 16 percent dividend for the shareholders. The Bank Chairman Anthony D’Souza, Vice Chairman Donald L.Credo, CEO & MD Christopher A Mendoza, scores of delegates and others were present on the occasion.
The bank was established as Bombay Urban Catholic Credit Society on May 8, 1920. Thereafter, the institution was converted into Citizen Cooperative Bank Limited by the RCS under the MSCS Act.