Pune based Multi-State Bank Vishweshwar Sahakari Bank has performed well in FY 2018-19 but its success in controlling NPA has particularly been remarkable.
The bank’s Net NPA decreased from 5.14% to 0% whereas Gross NPA reduced from 7.73 percent to 1.93 percent in the 2018-19 financial year. Vishweshawar Bank has decided to bring down its Gross NPA to zero percent by 2020. It will be one of the rare banks to achieve such a success.
The bank has earned a gross profit of 29.07 crore and a net profit to the tune of Rs 14.42 Cr during FY 2018-19. Earlier the bank had earned a net profit of Rs 13 crore.
Besides, the total business mix of the bank has also increased. The bank achieved a business mix of Rs 2,381 crore in the financial Year 2018-19. Earlier it was Rs 2,350 crore.
“We have performed well in all the fields in FY 2018-19 and the bank will be celebrating its Golden Jubilee Year during 2021-22 for which we are planning to achieve a Rs 3,500 crore business”, said Satish Gandhe, CEO to this correspondent on the phone.
Though there is a marginal rise in business, the bank has improved on various standard financial parameters. The bank could successfully reduce the cost of deposits up to 6.24% and the cost of funds up to 5.88% which has impressively impacted profit of the bank, underlined Gandhe.
CRAR of the bank is at 18% against the stipulated minimum 10% prescribed by RBI.
Vishweshwar Bank has achieved all stipulated parameters for obtaining FSWM status and Scheduled Bank status too this year.
In the field of technology advancement, the bank has installed all new ATM and Recycler machines having all security features recently announced by RBI for total protection of the bank’s ATM Card holders. The bank has also completed its annual IS Audit along with Vulnerable Assessment and Penetration Test (VAPT) for protecting the bank from any Cyber Attack.
Under the able leadership of. Anil Gadve, Chairman, CA Manoj Sakhare, Vice-Chairman and Senior Director Suniel Rukari the bank is progressing steadily and achieving various set business targets.