Maharashtra based Karad Urban Cooperative Bank which was recently in news for getting an award from Union Home and Cooperative Minister Amit Shah, has crossed the business mix of more than Rs 4500 crores in 2021-22.
The bank has performed well on almost all the financial parameters but the net profit has been reduced from Rs 20 crore in 2020-21 to Rs 9.31 crore in 2021-22 due to provisions made for the Investment Depreciation, claimed its CEO CA Dilip M Gurav.
The bank’s business mix has increased from Rs 4,451 crore (2020-21) to Rs 4552 crore in the 2021-22 financial year. The deposits of the bank grew from Rs 2,780 crore to Rs 2,869 crore whereas loans and advances from Rs 1671 crore to Rs 1683 crore as of 31st March 2022.
Besides, the Net NPA and CRAR stood at 7.07 percent and 16.93 percent as of 31st March 2022. The bank has reserves of Rs 304 crore.
The bank, which is headed by Dr. Subhash S Erram, has a network of 62 branches in eight districts of Maharashtra.
The Bank has its own state-of-the-art, residential staff training and research center, recognized by the Co-operative Dept., Govt. of Maharashtra. The center takes care of other UCB’s and the bank staff.
It is well equipped with all modern teaching aids and methodologies.
This Bank was established first as a Co-op. Urban Credit Society in the year 1917 and was subsequently converted into a Bank.
Besides, the bank attained the coveted “Scheduled” status in the year 2000. The bank has been providing all banking services on its CBS platform since 2010 across its 62 branches and 43 onsite EMV & Braille keyboard enabled ATM’s.
Although, Co-operative in spirit, the bank has never been exposed to a political environment and neither has any staff union, according to a release sent by the bank.