Maharashtra’s leading urban cooperative bank- GP Parsik Sahakari Bank performed very well on the financial parameters during 2023-24 FY and crossed the business mix of more than Rs 6500 crore.
The bank earned a net profit of Rs 52.15 crore as on 31st March 2024, an increase of Rs 14.56 crore in comparison to previous financial year i.e. Rs 37.58 crore.
The deposits of the bank grew from Rs 4,285 crore (2022-23 FY) to Rs 4,526 crore whereas advances increased from Rs 2,020 crore to Rs 2,058 crore as of 31st March 2024. The business mix stood at Rs 6,585 crore.
The bank’s Net NPA remains ‘Zero’ again for the 2023-24 FY. Though there is a slight increase in the bank’s gross NPA level, it has been increased from 3.81 percent to 4.13 percent in 2023-24 FY.
The CRAR of the bank stood at 21.70 percent. Besides, the bank announced a 15 percent dividend to its shareholders for the 2023-24 FY.
Presently, the bank has a network of 91 branches 83 on site and 5 off site ATMs. The bank recently implemented a new core banking system for its customers.
Meanwhile, the bank announced it will organize its 53rd Annual General Meeting on 1st September.
It bears recall that during the 2023-24 FY, RBI imposed a penalty of Rs 26.60 lakh on the bank for non compliance with certain RBI directions.