Hyderabad headquartered Rajadhani Cooperative Urban Bank achieved a business mix of more than Rs 350 crore and earned a net profit to the tune of Rs 3.64 crore as on 31st March 2024.
The bank has set a target to achieve a business turnover of more than Rs 400 crore at the end of the current financial year.
The bank has performed well on all financial parameters in the 2023-24 fiscal year, increasing its branch network from 4 to 7. After amalgamation of the Navnirman Cooperative Urban Bank, the branch network has increased.
In a show of its strong performance, the bank announced a 15 percent dividend for its shareholders. This decision underscores the bank’s commitment to delivering value to its investors.
The bank is led by Vemireddy Narasimha Reddy, a prominent figure in the cooperative banking sector. Reddy is also the President of the Telangana Urban Cooperative Banks Federation and serves on the board of NAFCUB.
The deposits of the bank grew from Rs 166.76 crore (2022-23) to Rs 202.94 crore as on 31st March 2024 whereas advances grew from Rs 110.88 crore to Rs 148.60 crore in the 2023-24 FY. The total business mix of the bank stood at Rs 351.54 crore.
Besides, the total members as on 31st March 2024 are 4044 and the paid up share capital increased from Rs 4.72 crore to Rs 6.87 crore during the year, an increase of Rs 2.15 crore. The bank also achieved the Priority Sector Lending targets fixed by the RBI in the 2023-24 FY.
Likely to add yet another feather in its cap, the bank is planning to implement Internet Banking Facility (view only) services during the current financial year. This initiative is part of the bank’s ongoing efforts to embrace digital transformation and enhance customer convenience.
Rajadhani Cooperative Urban Bank’s remarkable achievements in the 2023-24 fiscal year position it for continued success and growth.