One of the largest urban cooperative banks of India- Cosmos Cooperative Bank, which had suffered a massive setback due to cyberattacks, has performed very well in the 2023-24 financial year.
The business of the bank crossed to more than Rs 35,000 crore and earned a gross profit of Rs 460.77 crore as on 31st March 2024.
Talking to the Indian Cooperative about the bank’s excellent growth, Cosmos Bank Chairman Milind Kale said , “ Auditing is still going on in the bank and we are hoping that it would be completed in the 1st week of May. According to unaudited figures, we have performed well on all parameters and registered a 15 percent growth in our overall business portfolio in comparison to other big cooperative banks”, he said.
“Now we will focus on strengthening cooperative banks which have merged with the Cosmos Bank. So far, we have merged 18 weak banks and with the mergers all depositors are getting their money as well as employees’ interests are also being protected”, claimed Kale on the phone.
At the end of March 2024, the Cosmos Bank achieved deposits of more than Rs 20,000 crore and loans & advances of more than Rs 15,000 crore. The net NPA of the bank stood at 1.5 percent.
Cosmos Bank has its presence in seven States with 170 branches, clients and customers counting more than 18 lacs. The business set-up of Cosmos Bank is 35,000 crores, out of which Gujarat State has the lion’s share in its business which covers the loans of Rs. 3,000 crores in MSME Segments.
More than 3,000 employees are associated with the Cosmos Bank. The Bank has set new records in managing the portfolios of Business, Deposit Mobilization, Loan Disbursement, Loan Recovery, Net & Gross Profit in the Financial Year ending on March 31st, 2024.
The UCB is always at work updating, upgrading and developing its digital banking platform which is beneficial for customers.
It bears recall that the Cosmos Cooperative Bank achieved remarkable success at the 19th IBA Annual Technology Conference in Mumbai, securing five prestigious awards.
These awards include recognition for Best IT Risk Management, Best Technology Bank, Best Digital Engagement, Best Technology Talent, and a special mention in Best Fintech & DPI Adoption categories.
“As soon as taking charge as the Chairman of Cosmos Cooperative Bank, Milind Kalehad began to work hard to take the bank to new heights. Being an honorary Chairman, Kale himself and his other colleagues are dedicating all their time and efforts to ensure the bank progresses and remains on a growth path”, said a cooperator associated with the bank.