Mumbai based Kokan Mercantile Cooperative Bank organized its 54th Annual General Meeting recently and claimed to have earned a net profit to the tune of Rs 1.17 crore as on 31st March 2023, which had registered net loss of 9.09 crore in the 2021-22 FY.
During the year, the bank performed well on all the financial parameters. The deposits of the bank rose from Rs 703.93 crore (2021-22) to Rs 739.48 crore in the 2022-23 FY whereas loans & advances increased from Rs 405.31 crore to Rs 426.13 crore as on 31st March 2023.
The business mix of the bank stood at Rs 1,165.61 crore. The paid up Share capital of the bank as at the year-end stood at Rs 17.41 crore, compared to Rs 16.29 crore at the previous year end, giving a rise of 6.83% in the equity during the year, said Asif Dadan, Chairman of the bank.
Besides, the Reserves and Other Funds of the bank stood at Rs 140.04 crore as on 31.3.2023 as against Rs.141.08 crore last year.
The bank’s Gross NPA as on 31 March 2023 was Rs 73.02 crore whereas Net NPA was Rs 40.21 crore.
Dadan further added, “The Reserve Bank of India has made it mandatory to maintain Capital Adequacy norms even to Cooperative Banks. We are pleased to inform you that your Bank is adequately maintaining the st CRAR (Capital to Risk Assets Ratio) that as on 31 March, 2023 stood at 13.94% as against the required rate of 9.00% as per Reserve Bank of India”.
The Kokan Mercantile Co-operative Bank was established in 1969 as a credit society and converted into a co-operative Bank in 1977. Now it has 25 branches in Maharashtra and Goa.