The leading urban cooperative bank of Maharashtra-NKGSB crossed the business mix of more than Rs 13,000 crore as on 31st March 2024 and the bank will very soon have its new corporate office at MIDC, Andheri East, Mumbai.
The bank performed well on all the financial parameters and earned a net profit to the tune of Rs 23.01 crore.
The figures were revealed during the 107th Annual General Meeting held on Friday and the bank announced a 7 percent dividend for their shareholders.
In her statement, NKGSB Chairperson CA Himangee Nadkarni said, “We are focused on leveraging digital technology to reimagine banking to provide our customers a full range of services in consumer banking, wealth management and corporate banking.
“We also see a purpose beyond banking and are committed to supporting our Shareholders, Customers, Employees and the Community towards a sustainable future. We will continue to invest in cementing our digital banking, particularly strengthening our technology resiliency so we can deliver banking that is seamless and personalized”, she said.
The deposits of the bank increased from Rs 7,217 crore (2022-23) to Rs 7,697 crore as on 31st March 2024 whereas advances grew from Rs 4,841 crore to Rs 5,309 crore in the 2023-24 FY. The business mix stood at Rs 13,006 crore.
The Gross NPA of the bank has reduced from Rs 304.48 crore for the FY 2022-23 to Rs 301.27 crore for the FY 2023-24. Besides, the Net NPAs have reduced from Rs 133.87 crore for the FY 2022-23 to Rs 116.27 crore for the FY 2023-24.
The bank’s CRAR stood at 12.85% well above the stipulated norms of 12%. The owned funds increased from Rs 862 crore for the FY 2022-23 to Rs 977 crore for the FY 2023-24.
The bank has been regular in paying premium to Deposit Insurance and Credit Guarantee Corporation (DICGC) covering the bank’s deposits. The bank paid a premium of Rs 10.33 Cr. during the financial year.
NKGSB Cooperative Bank has a network of 105 branches and the area of operation of the bank is Maharashtra, Karnataka, Gujarat, Goa, Madhya Pradesh and others.
The bank was established in 1917 with 104 members and 2,881 paid up capital has now reached 62,803 members and 105.85 crore paid up capital as of 31st March 2024.