West Bengal State Cooperative Bank earned a net profit to the tune of Rs 150.21 crore as on 31st March 2023, which is Rs 50 crore more in comparison to previous year i.e. 2021-22.
This was shared by the bank’s Managing Director Nilanjan Sinha on the side-lines of the recently held NAFSCOB event at Jaipur.
Sinha further stated that the bank is on a growth path and creating new milestones year after year. The CRAR and Net worth of the bank stood at 27.96 percent and 29 percent respectively. The operating profit as on 31st March 2023 stood at 205.52 crore.
During the year, the bank registered a slight decrease in the deposits portfolio which little bit impacts its total business mix figures. The deposits of the bank reduced from Rs 11,905 crore (2021-22) to Rs 11,015 crore as on 31st March 2023 whereas Loans & Advances increased from Rs 9,194 crore to Rs 10,081 crore in the 2022-23 FY.
Sinha further added, the bank is in the process of introducing Immediate Payment Service (IMPS) and hopes it will be launched till December. Besides, the bank will open branches and install new machines in the near future, he added, who took charge as the MD in January this year.
During the year, the active KCC holders stood at more than 2.11 lakh in the 2022-23 FY. The share capital increased from Rs 161.02 crore to Rs 171.84 crore as on 31st March 2023. The gross and net NPA stood at 4.98 percent and 1.29 percent respectively.
The bank was established in 1918 and has a network of 43 branches. There are 17 Central Cooperative Banks in West Bengal having a network of 336 branches. Besides, as on 30th June 2023, 920 PACS affiliated to West Bank SCB. There are 5,862 PACS in West Bengal and no deposit mobilizing PACS are 2,865.
It bears recall that during the Jaipur meeting, Anupam Mukhopadhyay, Special Officer, West Bengal State Cooperative Bank was elected unopposed as the director of NAFSCOB.
