The second largest urban cooperative bank of India- Cosmos Cooperative Bank performed spectacularly on all the financial parameters in the 2021-22 financial year and the bank achieved a business mix of more than Rs 28,800 crore.
The bank has not only seen the upside on business mix but its net profit has also been increased by over Rs 8 crore to Rs 65.91 crore from Rs 56.78 crore last fiscal. The bank also succeeded in decreasing the NPA levels appreciably.
It bears recall that due to cyberattacks Cosmos Bank had incurred a loss to the tune of Rs 54.34 crore in 2019-20.
“Despite the challenging business scenario, the year under review has been satisfying for your Bank witnessing an increase in business mix and profitability. It is important to note that the net profit is generated mainly from banking rather than treasury operations”, said Cosmos Bank Chairman Milind Kale, published in the bank’s 2021-22 Annual Report.
The bank’s business stood at Rs 28,815 crore. The Bank has achieved the deposit position of Rs 16,522 Crore as of 31st March 2022 as against the position of Rs 16150.45 crore as on 31st March 2021. The Bank has marked the deposit growth of Rs 371.92 Crore during the period.
During the year under review, the Loans and Advances of the bank stood at Rs 12,292 Crore from last year’s Rs 11880 Crore. Loans & Advances increased by Rs 412.24 crore i.e. 3.47%. Loans of Rs 280.22 Crore were written-off.
Besides, the bank earned a profit to the tune of Rs 65.91 crore. Earlier i.e. 2020-21, it was Rs 56.78 crore. The net and gross NPA of the bank have gone down from 4.74 percent and 6.86 percent as of 31st March 2022.
During the year under review, the Bank has made a historic recovery of Rs 548 crore. This comprises the recovery of Rs 415.00 Crore in NPA accounts (including upgraded accounts of Rs 175.09 Crore), recovery of Rs 75.13 Crore in Write-off Accounts & recovery of Rs 58.10 Crore in accounts assigned to ARC. A total recovery target of Rs 557.50 Crore has been set for the financial year 2022-23.
During the financial Year 2021-2022, the bank has earned an income of Rs 3.72 Crore from the insurance segment.
It bears recall that the bank had received permission to open new branches. And in line with the RBI permission, the Bank has recently opened 4 new branches and created its presence at new locations like Wagholi, Rajgurunagar, Shirur and Ambernath.
Recently, during the NAFCUB conference held at Vigyan Bhawan, New Delhi, the bank had received an award for completing a 100 years of banking service by Union Minister of Home Affairs and Co-operation Amit Shah.
The Cosmos Bank operates through 140 branches in India spread across 7 States and in 39 Major Cities. The bank is the first Multi-state Co-operative Bank to implement a Centralized Banking System. All Branches, Extension Counters, all Regional Offices and Head Office are interconnected through the Data Center situated at Head Office.
Besides, the UCB has announced a plan to organize its 115th Annual General Meeting on 27th September 2022 at Shivshankar Sabhagruha, Pune.
