Uttarakhand State Cooperative Bank has performed well on all the financial parameters in the 2022-23 financial year and achieved success in controlling the NPA levels to a great extent.
Giving his reaction on the Bank’s financial performance, talking to the Indian Cooperative correspondent, the MD Neeraj Belwal said, “We have performed well on all financial parameters in the 2022-23 FY and are making future strategies to take the bank to newer heights”.
“With the efforts of all, we succeeded in controlling the NPA levels. In the 2022-23 FY, many drives were launched for recovering the outstanding dues from the borrowers” said Belwal to this correspondent.
The State Cooperative Bank’s gross NPA and net NPA levels have come down. The Gross NPA levels decreased from 7.34 percent (2021-22) to 4.94 as on 31st March 2023 whereas Net NPA levels got down from 4.93 percent (2021-22) to 2.62 percent in the 2022-23 FY.
Besides, the deposits of the bank grew from Rs 2843 crore (2021-22) to Rs 3300 crore. The advances of the bank increased from Rs 2483 crore to Rs 2904 crore in the 2022-23 FY.
As on 31st March 2023, the bank’s total business stood at Rs 6234 crore. The operating profit of the bank in 2022-23 stood at 13.25 crore.
Managing Director Belwal says “At present, the co-op bank is working on strengthening the internal system and adopting the professional approach for competing with other players in the market. We are also giving training to staff members on various subjects. We are also organizing the awareness program in a bid to create financial literacy.
There is no doubt that the bank is doing well in all aspects but it has yet to get a professional MD. For the last many years, the officials from the State Registrar of Cooperative Societies have been managing the bank. A few months back, Joint RCS Neeraj Belwal took over the charge of MD replacing one of the cooperative department officials Ira Upreti.
