Andhra Pradesh State Cooperative Bank (APCOB) crossed the business mix of more than Rs 43,500 crore and earned a gross profit of Rs 249.65 crore in the 2023-24 financial year. The bank has performed well on all the financial parameters.
The bank’s deposits grew from Rs 9,041 crore as of 31st March 2023 to Rs 10,306 crore in 2023-24 whereas loans and advances rose from Rs 27,688 crore to Rs 33,665 crore as on 31st March 2024. The business mix stands at Rs 43,971 crore.
Besides, the bank earned a net profit to the tune of Rs 185.79 crore. Earlier, i.e. in the 2022-23 FY it was Rs 182.64 crore. The gross profit of the bank stood at Rs 249.65 crore as of 31st March 2024.
The bank has also done well in controlling the NPA level.
In the 2023-24 FY the capital grew from Rs 1,065 crore (2022-23) to Rs 1,415 crore whereas Reserves and Surplus increased from Rs 1,351 crore to Rs 1,502 crore.