Beating all odds, Maharashtra based Pune District Cooperative Bank earned a gross profit to the tune of Rs 282.51 crore in the 2020-21 financial year which is the highest ever in its 104 years of history. The bank crossed a business mix of Rs 19000 crore.
Again, in 2020-21 the bank succeeded in maintaining ‘Zero’ net NPA. Commenting on the bank’s performance, an euphoric Chairman Ramesh Thorat said to Indian Cooperative, “Amidst Covid-19, our bank has succeeded in performing well on all the financial parameters and we earned a gross profit of Rs 282.51 crore”.
“Despite adverse market conditions we performed well. We remained transparent in our dealings and that is why the bank has never been found guilty of any irregularities”, said Thorat with a sense of satisfaction.
The total business mix of the bank has risen from Rs 16,935 crore (2019-20 FY) to Rs 19,198 crore in 2020-2021 FY. The deposits increased from Rs 10,097 crore to Rs 11,000 crore whereas loans and advances grew from Rs 6,848 crore to Rs 8,111 crore.
On other parameters also, the bank did well with its net worth standing at Rs 810.12 crore. The C.D.Ratio of the bank is 73.15% and CRAR is at 11.74% as on 31st March 2021.
Interestingly, three cabinet ministers of Uddhav Thackeray govt are on the board of the bank. Maharashtra Deputy Chief Minister Ajit Pawar, Home Minister Dilip Walse Patil and Minister of State Dattatray Vithoba Bharne are its Board members.
An official release of the Bank on its performance reads, “A well-known bank in the Asian continent and a number one DCC bank in India, Pune DCCB registered a gross profit of Rs 282.51 Crore. Amid the global pandemic of Covid-19 and its 104 years of history the bank has achieved a record-breaking gross profit. No other DCC bank in the country has been able to achieve such a huge gross profit”, the note claimed.
“The performance is only due to the trust shown by the depositors, borrowers, account holders, farmers and well wishers of the bank which has boosted the confidence of the Board members to achieve even better figures in future. As on 31st March 2021, the total number of members is 10,964 out of which 9231 are cooperative societies and 1733 individual members. Bank’s authorized share capital is Rs 338.80 cr”, it further reads.
The timely repayment of loans & advances by the PACs, Development societies and farmers have been able to keep the gross as well as net NPA of the bank well within the limits set by NABARD.
The release further says that earning profit is not the only aim of the bank, but to encourage the borrowers by providing them concessional interest rates on timely repayment of loans. Pune DCCB has fulfilled the entire criterion as laid down by RBI & NABARD and successfully fulfilled the needs of rural economy, farmers, industrialists, employed alike, the statement of the bank reads.