Nashik Merchants Cooperative Bank, popularly known as Namco Bank, performed comparatively well in the 2023-24 financial year compared to the 2022-23 financial year, with its business crossing Rs 3,400 crore and aiming to achieve Rs 5,000 crore.
The bank experienced growth across all financial parameters and successfully maintained its net NPA levels at zero. However, it struggled to control its gross NPA level, which has slightly increased.
Deposits rose from Rs 1,856 crore in 2022-23 to Rs 2,184 crore as of 31st March 2024, while advances increased from Rs 942 crore to Rs 1,039 crore in the 2023-24 FY. The total business mix stood at Rs 3,223 crore.
Talking to the Indian Cooperative, the bank CEO Vishram Dixit stated, “We have performed well on all financial parameters in the 2023-24 FY and are making every effort to achieve our targets. We have just crossed a business mix of Rs 3,400 crore and will achieve up to Rs 4,000 crore by the end of the current FY,” he stated.
“To achieve our goal of a Rs 5,000 crore business mix, we are striving to increase our loan portfolio, and our interest rates for car loans are the most economical. We have launched many new loan schemes that are customer-friendly,” said Dixit.
He further added, “We are in the process of reducing our gross NPA levels and have set a target to lower it from the existing 6.44 percent to 5 percent. We will take action against the 25 largest borrowers, focusing on full recovery or restructuring their loans as necessary,” he promised.
“Additionally, the bank is exploring new business avenues in the near future and aims to expand into the agriculture sector, in which the bank sees huge scope of business”, said Dixit.
During the financial year, the bank earned a substantial net profit of Rs 41.16 crore, and its CD ratio increased to 53 percent.
In a recently conducted annual general meeting, the bank announced a 15 percent dividend for its shareholders. The bank operates a network of 81 branches across Maharashtra and in Ahmedabad, Surat, Hyderabad, Indore, and Delhi.