One of the leading UCBs of Telangana- Vardhaman (Mahila) Cooperative Urban Bank is eying to achieve a business mix of Rs 1,000 crore by the end of the current financial year. The bank is also planning to secure a gross profit of Rs 14 crore and maintain a ‘Zero’ net NPA till 31st March 2025.
The future plans were shared by the bank CEO A.D.N.V Prasad while talking to this correspondent at his office in Hyderabad. “Our bank is in FSWM category and achieved a business mix of Rs 860 crore as on 31st March 2024. The bank earned a net profit of Rs 7.38 crore, which increased by 3.71 percent in 2023-24 FY”, Prasad informed.
“The bank maintained a healthy CD Ratio of 64.55 percent as well as the bank’s own funds increased from Rs 69.80 crore to Rs 72.58 crore. The CRAR of the bank stood at 18.50 percent as on 31st March 2024”, he noted.
He further added that, we are having a network of nine branches but the Reserve Bank of India has permitted the bank to open three new branches at Manikonda, Attapur and Maredpally. The necessary action has been initiated and we will open it till September, he informed.
Additionally, the Reserve Bank of India has also permitted expansion of the area of operation of the Bank to the entire state of Telangana, underlined Prasad.
The Gross NPA of the bank stood at Rs 10.21 crores and Net NPA at Rs 4.06 Crores. As on 31st March 2024, the Gross NPA stood at 3.02% of advances and net NPA at 1.22% of advances. The Bank has made a provision of Rs 1.17 crores on Standard Assets as per the RBI guidelines.
As his personal demand, Prasad asked the Reserve Bank of India to provide the level playing field to cooperative banks on par with commercial banks. The Priority Sector Lending targets for the cooperative banks should be on the lines of commercial banks.
It’s worth noting that just a couple of days ago, CA Shantilal Daga was unanimously elected as the Chairman, replacing Ritesh Kumar Daga, who resigned from the position due to personal reasons.
The bank ceo name is ADNV Prasad not ADNV Rao. Please correct all occurrences in the article
To the author..CEO of vardhaman bank is Mr.ADNV Prasad . Needs correction