Mumbai’s leading bank-Citizen credit Cooperative Bank performed well on all the financial parameters in the 2023-24 FY and earned net profit to the tune of Rs 23.45 crore with ‘Zero’ net NPA.
The deposits of the bank increased from Rs 3093.77 crore to Rs 3151.86 Crore as on March 31, 2024. Whereas, Advances of the bank grew from Rs 1,516.87 crore to Rs 1,518.37 crore of which the core advances increased from Rs 1,467.04 Crore to Rs 1,518.37 Crore.
Besides, the Gross NPA% of the bank declined from 5.59% to 5.01% and the Net NPA% of the Bank stood at NIL. (P.Y. 1.89%). The CRAR increased from 22.75% to 23.53 percent.
These figures were shared during the bank’s 27th annual general meeting held last week.
During the AGM, it was announced to give a 16 percent dividend to the shareholders for the financial year ended March 31, 2024 on a pro-rata basis.
The bank is in the process of on-boarding a reputed IT consultant for transformation of technology and information security, the latter being critical from a regulatory standpoint and also for protecting valuable customer data.
This in turn will enable the bank to better leverage its brand equity and expand its customer base especially within the younger generation. For this the bank will need to budget Rs 10 – 12 Crore annually. The investment in technology is a necessity and will yield long term dividends at the cost of a short term impact on profitability, reads a statement given in the bank’s annual report.
As on March 31, 2024, the bank has a network of 46 Branches spread over the States of Maharashtra, Goa & the Union Territory of Daman. The bank had shifted its Goregaon branch & Fatima Nagar branch to new premises. The Bandra Branch & Hill Road Branch were also renovated.
During the year, the bank has contributed an amount of Rs 1.40 Crore towards subscription to the capital of the Umbrella Organization for urban cooperative banks.