Maharashtra based Dombivli Nagari Sahakari (DNS) Bank performed well in the 2023-24 fiscal year, achieving significant growth in its total business mix, which surpassed Rs 6,000 crore, while also reducing its NPA levels.
The bank’s total deposits increased from Rs 3,756 crore in FY 2022-23 to Rs 3,818 crore as of 31st March 2024 whereas total advances (secured and unsecured) rose from Rs 2,076 crore to Rs 2,327 crore during the same period, bringing the bank’s total business mix to Rs 6,145 crore.
On the NPA front, the bank’s gross NPA stood at 2.16%, a decrease of 0.80% compared to the previous fiscal year, while net NPA dropped to 1.39%, which is 0.56% lower than the previous year. Notably, the Debt Recovery Department’s stringent measures resulted in the recovery of bad debts amounting to Rs 36 crore.
The bank’s CRAR stood at 15.57%, which is 2.57% higher than the RBI’s minimum requirement of 13%. During the year, DNS Bank posted a net profit of Rs 23.93 crore.
Currently, the bank operates a network of 64 branches. As of FY 2023-24, its total reserves and funds amounted to Rs 387.23 crore, with 2,616 new members joining during the year, bringing the total membership to 81,303 as of 31st March 2024.
In February, the bank launched a Long-Term Deposit Scheme (LTDS) offering a 9% interest rate, attracting investments of Rs 12.57 crore by 31st March 2024.
Additionally, during FY 2023-24, the bank distributed 5,652 insurance policies, and insurance companies approved claims on 1,753 policies worth Rs 17.88 crore.
At its recent annual general meeting, DNS Bank proposed several key amendments to its by-laws. Among the changes were a reduction in the board of directors from 13 to 11 members and a provision to reserve six board seats for representatives from Thane district, which is said to be the bank’s core business region.