Maharashtra based Nasik Merchants Cooperative Bank earned a net profit of Rs 34.33 crore as on 31st March 2023, which is higher in comparison to previous FY i.e. 2021-22. Besides, the bank achieved a business mix of Rs 2,798 crore.
The figures were revealed during the bank 64th Annual General Meeting held on Wednesday under the Chairmanship of Vasant Gite at Nashik.
The business mix of the bank increased from Rs 2,616 crore (2021-22) to Rs 2,798 crore as on 31st March 2023. The deposits rose from Rs 1784.82 crore to Rs 1856.28 crore whereas advances grew from Rs 832.14 crore to Rs 942.33 crore in 2022-23 FY.
Besides, the CRAR of the bank stood at 34.99 percent. This year also the bank’s net NPA remained at ‘Zero’ percent. Though, there is a slight increase in gross NPA, which has increased from 5.18 percent to 6.21 percent.
The bank has announced to give a 15 percent dividend for the shareholders of the bank.
Soon after the AGM, talking to the Indian Cooperative, one of the senior directors of the bank Hemant Dhatrak said, “We have performed well on the financial parameters in the 2022-23 FY and are making efforts to take the bank to newer heights in the future too. We have set a target to achieve Rs 5000 crore till 2025”.
“Besides, we are also focusing on upgrading the bank with the latest technology. We are in the process of launching Whatsapp and Internet Banking, so that customers and members can do the banking from their homes. At present, the bank has a network of 80 branches”, he added on the phone.
During the AGM, the bank proposed several amendments in its bye-laws, which was unanimously passed by the shareholders present on this occasion.
For the profit unitization of profit sharing, the bank proposed new bye-laws to be inserted i.e. Charitable Fund Allocation of charitable funds will be done as per policy decided by the bank from time to time or as per the Reserve Bank of India guidelines.
It bears recall that the bank was felicitated for the remarkable contributions it made in the housing sector under Pradhan Mantri Awas Yojana (Urban) on the occasion of 53rd anniversary of Central Government and HUDCO in April 2023.