Maharashtra-based New India Cooperative Bank recorded a net loss of Rs 6.14 crore in fiscal year 2020-21. Earlier, i.e. in 2019-2020, the bank made a net profit of 5.17 crore rupees.
In addition, the bank did not announce any dividends for the 2020-2021 fiscal year due to the net loss incurred. Readers will recall that the bank previously grabbed the media headlines for two reasons: the bank announced its conversion into a Small Finance Bank (SFB) and a penalty of Rs 25 lakhs was recently imposed on the bank by the RBI.
The good thing is that despite Covid-19, the bank has managed to increase its overall business. Bank deposits as of March 31, 2021 were Rs. 2471 cr versus Rs. 2367 cr as of March 31, 2020. The net increase is Rs. 104 cr or 4.39%. Whereas the bank’s portfolio of advances has increased to Rs 1416 cr as at March 31, 2021 against Rs. 1274 cr as at March 31, 2020. The net increase is Rs 142 cr or 11.14%, claimed in its 54th report annual.
The bank’s CRAR as of March 31, 2021 was 10.86% against a minimum requirement of 9% as stipulated by the RBI.
The paid-up share capital and the Bank’s reserves as of March 31, 2021 amounted to Rs. 22.59 cr and Rs 236 cr respectively. The bank’s working capital was Rs. 3137 cr as at March 31, 2021 against Rs. 2972 ​​cr as at March 31, 2020.
As of March 31, 2021, the bank’s investments amounted to Rs 1,197 cr against Rs 1,224 cr as of March 31, 2020.
However, the bank’s chairman, Hiren Bhanu, was not available to comment on the annual report.
The bank was founded in Mumbai in 1968 and was renamed New India Co-operative Bank Limited in 1977. The bank has 30 branches, including headquarters in two states, including Maharashtra and Gujarat.
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