West Bengal State Cooperative Bank achieved a business mix of around Rs 25,000 crore and earned a net profit of Rs 186.82 crore as of 31st March 2024, beating all its past records.
The bank registered a growth on all the financial parameters and achieved a net worth of Rs 933 crore in the 2023-24 FY. The bank net NPA and gross NPA levels reduced from 1.29 percent (2022-23) to 1.02 percent and 4.98 percent to 4.81 percent as on 31st March 2024 respectively.
The deposits of the bank increased from Rs 11,015 crore (2022-23 FY) to Rs 13,878 crore as on 31st March 2024, registering a growth of 26 percent whereas advances grew from Rs 10,081 crore to Rs 11,047 crore in the 2023-24 FY, registering a growth of 10 percent.
The business mix stood at Rs 24,925 crore, registering a growth of 18 percent and very close to Rs 25k crore figure. The CRAR of the bank stood at 23.72 percent.
Besides, the owned funds of the bank rose from Rs 822 crore to Rs 1,008 crore in the 2023-24 FY.
The share capital increased from Rs 171.84 crore to Rs 179.37 crore as on 31st March 2024. The bank earned an operating profit of Rs 299.82 crore in the 2023-24 FY.
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 379 branches. Besides, as on 30th June 2023, 920 PACS affiliated to West Bengal Bank SCB. There are 5,862 PACS in West Bengal and no deposit mobilizing PACS are 2,865.
It bears recalling that recently the new Managing Director Sujan Sarkar has taken over the charge, replacing Nilanjan Singh, who joined as the regional director at NCDC’s Kolkata office.
Meanwhile, efforts to elicit the response of Sarkar on the bank’s financial report had failed because all phone calls from the Indian Cooperative went unanswered.