Pune headquartered The Cosmos Cooperative Bank Ltd. has achieved a record-breaking net profit of Rs 384 crore for the financial year ending March 31, 2024, announced Chairman CA Milind Kale at a press conference today.
Held at the bank’s corporate office on Pune University Road, the event highlighted the bank’s remarkable financial performance.
Chairman Kale detailed the bank’s significant growth across multiple portfolios. As of March 2024, the bank’s total business volume reached Rs. 35,408 crore, marking a substantial increase of Rs. 4,662 crore (15.16%) compared to the previous year.
Deposits grew by Rs. 2,587 crore, totaling Rs. 20,216 crore, while advances increased by Rs. 2,075 crore to Rs. 15,192 crore.
Cosmos Bank maintained a Gross NPA of 3.22% and a Net NPA of 1.54%, with a CRAR of 15.43%. The bank’s profit before tax stood at Rs. 461 crore, contributing to the record net profit of Rs. 384 crore.
The bank’s expansion strategy included the merger with Mumbai-based Maratha Sahakari Bank, which has seven branches, and Sahebrao Deshmukh Sahakari Bank, with eleven branches.
These mergers have increased Cosmos Bank’s presence in Mumbai to 50 branches and expanded its network to 170 branches across seven states. Vice Chairman CA Yashwant Kasar noted that Cosmos Bank has successfully merged 18 smaller cooperative banks, safeguarding the deposits of thousands of customers.
Managing Director Mrs. Apekshita Thipsay shared updates on the bank’s branch network expansion. Recently opened branches in Manjari, Tathawde, and Ravet in Pune have received a positive response from customers. The bank plans to open new branches in Dhanori (Pune), as well as in Worli, Sion, Girgaum, Vikhroli, and Kurla in Mumbai, further strengthening its presence.
The press conference also saw the attendance of Ex-Vice Chairman Mr. Praveenkumar Gandhi and other directors, underscoring the bank’s strong leadership and commitment to growth.
With this historic profit and strategic expansions, Cosmos Bank is poised for continued success, reinforcing its position as a leading cooperative bank in India.