The third largest cooperative bank of India-SVC Cooperative Bank organized recently its 113th Annual General Meeting in Mumbai in the presence of large a number of shareholders. The bank has done well across parameters except a slight rise in its Net NPA.
The deposits, loans and advances of the bank have increased as well as the net profit. The bank has not opened a single branch during the 2018-19 financial year. The Gross NPA decreased from 3.59 % to 3.50% but the Net NPA rose from 1.85 % to 1.90 percent.
“Deposit growth was sluggish throughout the year in the Industry. The total Deposits of the bank grew from Rs 15,108.72 crore to Rs 16,263.51 crore whereas loans and advances increased from Rs 10,320.20 crore to Rs 11,500.28 crore as on 31st March 2019. CASA grew by 6.43% to `4,036 Crores. The CASA ratio in FY 18-19 was 24.82% which was marginally lower than 25.1% ratio in FY 17-18”, according to the financial report published on the bank’s website.
The Bank’s Advances portfolio increased to Rs 11,500.28 Crores during the Financial Year 2018-19, recording a net increase of Rs 1,180.08 Crore (11.43%) from Rs 10,320.20 Crores as on March 31, 2018.
The bank has also performed well in achieving a handsome profit. The Bank has earned a net profit to the tune of Rs 140 crore. Earlier it was Rs 132.01 crore. The bank’s total business stood at Rs 27,763.79 crore as on 31st March 2019
The Board of Directors has recommended a Dividend of 12% p.a. on Equity Share Capital and Dividend of 10.50% p.a. on Perpetual Non-Cumulative Preference Share Capital for the year ended March 31, 2019.
The paid-up Share Capital of the bank as on March 31, 2019 was Rs 92.57 Crore.
Besides, the bank has decided to consolidate its operations to optimize the utilization of its existing Branch Network. The bank’s branch strength as on March 31, 2019 stood at 198 and ATM Network stood at 211 (Offsite – 5 & Onsite – 206).
The bank carried forward Smart Society Program, earnestly, into FY 2018-19. Interactive camps in the health and wealth management space were consistently organized through tie-ups with brands such as Vasan Eye Care, Health Spring, Apex Dental Care clinic and so on.
The SVC Bank’s Smart Society Programme, a platform that organizes unique, benefiting activities for members of housing societies, conducted a total of 750 programs throughout the year.
