One of the largest urban cooperative banks of India-SVC Cooperative Bank organized its 118th Annual General Meeting on Saturday at Mumbai and announced a 15 percent dividend for its more than 1.86 lakh shareholders for FY 2023-24.
During the year, the bank has performed well on all the financial parameters and its total business exceeded Rs 35k crore. The bank earned a net profit of Rs 218.16 crore as on 31st March 2024.
In his statement, the bank Chairman Durgesh S Chandavarkar said, “The bank is pleased to report that FY 2023–24 witnessed a significant growth in Total Business standing at Rs 35,159.31 crore, with a notable 23.73% increase in Net Profit, reaching Rs 218.16 crore”, He informed.
“Furthermore, the bank’s Provisioning Coverage Ratio has strengthened to 88.48%, showing its continued commitment to financial prudence. Our efforts are reflected in the decline of Gross NPAs to 2.30% and Net NPAs to 0.27%. With a Return on Assets of 1.00% and CRAR at 15.37%, the Bank continues to showcase strong fundamentals and efficiency parameters”, said Chandavarkar.
He further added, “These achievements are a collective effort of the bank’s dedicated Board of Directors, Board of Management, strong leadership team, committed employees, valued customers and of course, YOU – dear Members. As the Bank looks forward to the future, it continues to nurture high hopes for the collective destinies”, he declared.
During FY 2023-24, the bank invested Rs 7.50 Cr. in the equity capital of National Urban Co-operative Finance and Development Corporation Ltd. (NUCFDC – The Umbrella Organisation for Urban Co-operative Banks).
SVC Bank’s Branch strength as on March 31, 2024 stood at 198 and the ATM Network of the Bank stood at 213 ATMs (offsite – 5 & Onsite – 208).
It bears recalling that during the year, the bank was awarded by Amit Shah – Union Minister of Home Affairs and Cooperation, GoI, in recognition to SVC Bank’s contribution to the paid-up capital of National Urban Co-operative Finance And Development Corporation Limited (NUCFDC) for the solidarity of the UCB Sector and for the principle of cooperation among cooperatives by NUCFDC.
