SVC Co-operative Bank has delivered an outstanding performance, achieving a net profit of Rs 218 crore. As of March 31, 2024, the bank’s total business surpassed Rs 35,000 crore, marking a remarkable growth trajectory.
During the fiscal year 2023-24, all financial parameters of SVC Bank demonstrated positive trends compared to the previous year. Notably, the gross NPA reduced from 2.80 percent to 2.30 percent, while the net NPA decreased from 0.79 percent to 0.27 percent.
The bank expressed deep gratitude to its shareholders, customers, employees, and well-wishers for their significant contributions to its success in the 2023-24 fiscal year. In a Facebook post, SVC Bank conveyed appreciation for continued support in the upcoming fiscal year, aiming for excellence.
Deposits surged from Rs 19,258 crore to Rs 20,309 crore, marking a growth of 5.46 percent, while advances increased from Rs 14,206 crore to Rs 14,850 crore, showing a growth of 4.53 percent over the same period.
The bank’s total business expanded from Rs 33,464 crore to Rs 35,159 crore, reflecting a growth rate of 5.07 percent. Additionally, the CRAR and PCR of the bank stood at 15.37 percent and 88.48 percent respectively as of March 31, 2024.
SVC Co-operative Bank, with a rich legacy of 117 years, celebrated the centenary of its Santacruz West Branch in December, highlighting its century-long commitment to providing reliable financial services to society.
Formerly known as The Shamrao Vithal Co-operative Bank Ltd., SVC Co-operative Bank Limited was established in 1906. It operates as a multi-state scheduled bank across 11 states, including Maharashtra, Karnataka, Goa, Gujarat, Rajasthan, Delhi, Haryana, Madhya Pradesh, Andhra Pradesh, Telangana, and Tamil Nadu.
Headquartered in Mumbai, the bank boasts a network of 198 branches, 214 ATMs, and a workforce exceeding 2300 employees. SVC Bank offers a comprehensive range of services spanning Retail Banking, Corporate Banking, and International Banking.