Saraswat Bank, India’s largest Urban Co-operative Bank, held its 106th Annual General Meeting on Saturday, 27th July 2024, at B.N. Vaidya Sabhagrah, Raja Shivaji Vidyasankul, Dadar, Mumbai.
Chairman Gautam Thakur announced that the total business of the Bank crossed Rs. 82,000 crores, reaching Rs. 82,024.77 crores, with deposits of Rs. 49,457.31 crores and advances of Rs. 32,567.46 crores as of 31st March 2024.
The Bank posted a gross profit of Rs. 786.43 crores and a net profit after tax of Rs. 502.99 crores (up from Rs. 351 crores last year) – the highest net profit in the 106-year history of the Bank and a landmark figure in the history of the Urban Co-operative Banking sector.
This remarkable growth in net profit is despite setting aside an additional floating provision of Rs. 125 crores, as a prudent measure. The creation of such an additional floating provision is a unique initiative in the Co-operative Banking segment. Without this floating provision, the net profit of the Bank would have been around Rs. 628 crores.
Gross NPAs were at 2.88% – the lowest in the history of the Bank; and net NPAs were zero percent for two years in a row. The CRAR stood at 17.28%. The Bank declared a dividend of 17.50% on equity shares for the year ended 31st March 2024. The Bank has not only improved its asset quality and profitability significantly but also strengthened all its financial ratios.
Saraswat Bank has been a profit-making and dividend-paying Bank for all the years of its existence. It has 302 branches across six states: Maharashtra, Goa, Gujarat, Delhi, Madhya Pradesh, and Karnataka, with nearly 4500 employees.
As part of its Corporate Social Responsibility, the Bank has always contributed to socially relevant causes that can make a difference in human life. This year, the Bank focused on the twin causes of healthcare and education for the needy and marginalized. It contributed Rs. 2,51,00,000/- (Rs. Two Crore Fifty-One Lakh) to Tata Memorial Hospital, Parel, for the procurement of surgical equipment for its Gastrointestinal District Management Group.
It donated Rs. 50,00,000/- (Rs. Fifty Lakh) to BYL Nair Hospital, Mumbai Central, towards the treatment of its most needy patients and also donated Rs. 30,00,000/- (Rs. Thirty Lakh) to the District Women & Child Hospital, Kudal, which fills a major gap in healthcare in the Sindhudurg district.
To improve the upkeep of government schools in rural areas, the Bank extended financial aid to a project for repairs and renovation of around 50 Zilla Parishad schools in Maharashtra.