The Cosmos Co-Operative Bank Ltd. has reported a net profit of Rs. 384 Crore for the Financial Year 2023-2024, announced Chairman CA Milind Kale during the bank’s 118th Annual General Meeting (AGM) held at Hotel Central Park, Apte Road, Pune.
The bank’s financial position remains robust, with reserves and other funds totaling Rs. 2,149 Crore and a Capital to Risk Assets Ratio (CRAR) of 15.43%.
For the Financial Year 2023-24, the bank declared a 15% dividend for its members. Chairman Kale welcomed the members and briefed the General Body on the bank’s progress for the year ending March 31, 2024.
The bank’s total business volume reached Rs. 35,408 Crore, an increase of Rs. 4,662 Crore (15.16%) from the previous year. Deposits grew by Rs. 2,587 Crore to Rs. 20,216 Crore, while advances increased by Rs. 2,075 Crore, totaling Rs. 15,192 Crore.
The AGM witnessed significant attendance from members, including Vice Chairman CA Yashwant Kasar, all Directors of the Board, and Managing Director Mrs. Apekshita Thipsay.
Chairman Kale highlighted the bank’s substantial growth across multiple portfolios. As of March 2024, Cosmos Bank maintained a Gross NPA of 3.22% and a Net NPA of 1.54%, with a CRAR of 15.43%. The bank’s profit before tax was Rs. 461 Crore, contributing to the record net profit of Rs. 384 Crore.
The bank’s strategic expansion included mergers with Mumbai-based Maratha Sahakari Bank and Sahebrao Deshmukh Sahakari Bank, adding 18 branches and increasing Cosmos Bank’s presence in Mumbai to 50 branches, and a total network of 170 branches across seven states.
Vice Chairman CA Yashwant Kasar noted that Cosmos Bank has successfully merged with 18 smaller cooperative banks, safeguarding the deposits of thousands of customers.
With these historic profits and strategic expansions, Cosmos Bank is well-positioned for continued success, reinforcing its status as a leading urban cooperative bank in India.