One of Telangana’s leading urban cooperative banks- Bhadradri Cooperative Urban Bank is poised to seek multi-state status and plan to expand its footprints into the neighboring state, Andhra Pradesh.
The bank has achieved impressive growth in the 2023-24 financial year, surpassing all previous records.
Its net profit surged from Rs 30.10 lakh in the 2022-23 fiscal year to Rs 8.59 crore by March 31, 2024.
The total business of the bank reached Rs 950.76 crore, with deposits amounting to Rs 604.52 crore and advances at Rs 346.24 crore. Notably, the net NPA for the fiscal year remained at zero.
Talking to the Indian Cooperative, the bank CEO D. Vengopal stated, “We are planning to apply for multi-state status in the near future. We are also working to increase our CD ratio from 57% to 65% by the end of the current financial year,”he claimed.
The bank has introduced a new loan scheme for the agriculture sector and has reduced interest rates and processing fees on gold loans. Additionally, it is focusing on women’s empowerment by addressing their financial needs and achieving positive results with these initiatives.
Established in 1997, Bhadradri Cooperative Urban Bank operates a network of 16 branches across Telangana.