Kalupur Co-op Bank beats all odds; earns highest ever profit

The first largest urban cooperative bank of Gujarat- Kalupur Commercial Cooperative Bank has earned a gross profit to the tune of Rs 285.91 crore which is the highest ever in the history of the bank. The achievement is laudable more so as Covid constraints are impeding operations. The UCB has also once again maintained Zero Net NPA for 2020-21 financial year.

Kalupur Commercial Cooperative Bank has also crossed the business mix of Rs 14k crore and performed well almost on all financial parameters. “Now, we are aiming to achieve a business mix of Rs 15,500 crore at the end of current financial year”, said an euphoric Chairman Navnitbhai Patel to Indian Cooperative on the phone.

Patel said “Kalupur Commercial Cooperative Bank has performed well on all the financial parameters despite corona scare badly hitting the banking operations. “With the support of board members, we have tackled the situation successfully and now we aim to take the bank to new heights.”

“In the Covid period we have cut down the rate of interest on several loan schemes of the bank for helping our customers”, Patel added.

Sharing the unaudited financial report with Indian Cooperative, Kalupur Commercial Cooperative Bank CEO and General Manager Vinod Dadlani said, “The deposits of the bank increased from Rs 7,837 crore in 2019-20 to Rs 8,472 crore in 2020-21 FY whereas loans and advances rose from Rs 4,919 crore to Rs 5,419 crore as on 31st March 2021”.

“In the 2020-21 financial year the CD Ratio stood at 61.99 percent. The Net NPA remains Zero and Gross NPA comes down from 1.53% to 1.42%. The gross profit of the bank spiked from Rs 209.93 crore to Rs 285.91 cr”, he informed.

Dadlani further added that the bank’s profit has risen partly due to the loans given under Atmanirbhar Gujarat Sahay Yojana to various businesses in the wake of Covid 19. Under the scheme we disbursed loans worth Rs 200 crore to over 10k beneficiaries. “The good thing is we are receiving the timely payment from the borrowers as well as the subsidy from the government”, Dadlani stated.

The bank’s CEO and General Manager thanked the Chairman, Board of Directors, Members of Branch Development Committee, Delegates, Huge Customer Base, Members and Employees for their invaluable contributions.

Readers would recall that bank had given donation of Rs 1,19,79,000 during the year 2019-20 to 14 organizations like Chief Minister Relief Fund Gujarat State for COVID-19 pandemic Rs. 1,11,00,000, Indian Red Cross Society, Sadvichar Parivar, Gujarat Dardi Lok Kalyan, Bareja Kelavani Mandal, etc.