Mumbai based Citizen Credit Co-operative Bank has earned a net profit of Rs 14.76 crore and the UCB has been successful in maintaining the NPA levels. The bank has performed well in the 2019-20 financial year on almost all the financial parameters.
The bank’s total business stood at Rs 4,655 crore as on 31st March 2020. Sharing the financial report with Indian Cooperative the bank CEO Christopher A. Mendoza said, “Despite adverse market conditions, we are able to perform well in 2019-20 FY to a great extent but due to the Covid-19, Lockdown imposed in the country, our bank failed to disbursed more than Rs 50 crore loan to the borrowers”.
“The bank business mix decreased from Rs 4,812 crore to Rs 4,655 crore registering a decline of 3.27 percent in 2019-20 FY. The Bank’s total deposits stood at Rs 3167.91 crore & Advances at Rs 1,487.56 Crore as on March 31, 2020. The total Deposits and Advances dropped by Rs 98.84 Crore (3.03%) & Rs 58.58 Crore (3.79%) respectively over the previous year” he said on the phone.
The Bank’s credit portfolio reduced mainly due to unforeseen prepayments and inability to make disbursements of sanctioned loans during the latter part of FY 2019-20.
In the wake of Covid-19, when other banks are grappling with the increasing NPA level, our bank succeeded in keeping NPA levels down. In view of the above, our bank witnessed an improvement in the overall quality of the Credit Portfolio with Gross and Net NPAs improving from 4.99% and 1.65% in 2018-19 to 4.62% and 0.87% in 2019-20, Mendoza said.
The Net Profit of the bank has increased from Rs 11.23 Crore to Rs 14.76 Crore (31.43%). The CRAR has been strengthened from 19.64% to 22.42%. Provision Coverage Ratio has improved from 67.97% to 81.47%, as a prudential measure.
Meanwhile, the latter half of the financial year in 2019-20 saw the collapse of the PMC Bank which led to a crisis of confidence especially in the Co-operative Banking sector. However, our bank was relatively unaffected which can be attributed to the confidence reposed by all the stakeholders of the Bank.
Presently the bank has 46 Branches as on March 31, 2020 spread over the States of Maharashtra, Goa & Union Territory of Dadra & Nagar Haveli and Daman & Diu. During the Financial Year 2019-20, branches were shifted to new alternate premises, namely Wadala & Kalina Branches.
The bank held its 23rd Annual General Meeting on 30th December 2020 in Mumbai.