Maharashtra based Akola Urban Cooperative Bank’s business mix crossed more than Rs 2500 crore. The deposits of the bank increased from Rs 1605 crore in the 2021-22 FY to Rs 1,624 crore as on 31st March 2023. Whereas loans & advances grew from Rs 791 crore to Rs 904 crore in the 2022-23 FY.
However,during the year, the bank registered a dip in its net profit. The profit dipped from Rs 9.91 crore to Rs 5.54 crore. Whereas as of 31st March 2023, the net NPA of the bank stood at 1.72 percent, as per the unaudited figures shared with the Indian Cooperative.
Talking to the Indian Cooperative correspondent on the phone, Akola UCB Chairman Rameshwar Fudkar said, “We have performed well in the 2022-23 FY and had earned a net profit of around Rs 10 crore but we had to make provisions of about Rs 5 crore towards the income tax. Thus, our profit slightly dipped in comparison to previous year i.e. 2021-22”.
“We have set a target to achieve a business mix of Rs 3000 crore at the end of the current financial year. Besides, we will convert our extension counter into a full pledged branch”, said the bank Chairman.
The net worth of the bank stood at Rs 114 crore in the 2022-23 FY. The share capital and CRAR stood at Rs 70.27 crore and 17.06 percent respectively.
The bank has a network of 29 branches in Maharashtra but in the last financial year with the the merger of four branches of Indore Nagarik Sahakari Bank, it came to 33.
The Bank was started with a small capital of Rs.1.13 lacs which now stands at Rs.51.26 crores. In terms of size of business, the bank is the largest in the area of Vidarbha, Marathwada & Khandesh. The bank has declared profit continuously for the last 25 years
