Pune’s People Co-op Bank performs well; offers 12.5% Dividend

Pune People’s Cooperative Bank held its 73rd Annual General Meeting (AGM) last week, where it announced a 12.50% dividend payout to shareholders for the financial year 2023-24. Along with this notable announcement, the bank revealed plans to enhance its technological infrastructure by adopting the UPI Lite system and transitioning to a cloud-based system for data management.

Chairman CA Janardan Ranadive highlighted the bank’s stable performance and promising future during his address. He noted that the bank achieved a business mix of Rs 2,378 crore for the year, with Rs 1,471 crore in deposits and Rs 907.79 crore in loans.

The bank posted a net profit of Rs 16.20 crore while maintaining a ‘Zero’ net Non-Performing Asset (NPA) status, signaling the bank’s strong financial health. Additionally, the bank recorded a Credit-Deposit (CD) ratio of 61.70%, reflecting a balanced approach to loan disbursement and deposit mobilization.

Ranadive emphasized the bank’s focus on internal strengths rather than pursuing aggressive growth. “We have concentrated on maintaining consistency across all financial parameters,” he said, assuring members that the bank’s stable approach would continue to ensure steady returns for stakeholders.

The AGM also served as a platform to announce major upcoming developments for the bank. Ranadive mentioned that the People Cooperative Bank is on the verge of obtaining its IFSC Code, which will grant it direct membership, streamlining transactions and expanding its services.

Furthermore, the bank is set to launch two new branches in the rapidly growing suburbs of Sambhajinagar and Baramati. “Both locations have great potential for industrial and commercial growth, and with RBI’s approval in hand, we are ready to open these branches this financial year,” Ranadive confirmed.

On the technological front, the bank is taking significant steps toward digital transformation. The adoption of a cloud-based system is expected to better manage the bank’s expanding data requirements. The rollout of the UPI Lite system and other customer services typically offered by larger banks further reflects the institution’s commitment to modernization.

The bank’s new head office is nearing completion, with plans to relocate soon, marking another step in its ongoing expansion and enhancement efforts.

The AGM was conducted by CEO Sanjay Bhondve, while Senior Director Adv. Subhash Mohite oversaw the proceedings and expressed gratitude to the attendees for their continued support.