Saraswat Cooperative Bank, India’s largest urban cooperative bank, expects to cross the ₹50,000-crore mark in terms of total business conducted by the end of March 2016, according to Chairman Shashikant Sakhalkar.

In FY2015, the bank’s total business (deposits plus advances) grew 14 per cent (₹5,559 crore) to ₹44,969 crore.

Deposits grew 13.5 per cent to ₹27,171 crore and advances increased 15 per cent to ₹17,798 crore. In the financial year ended March 31, 2015, net profit grew 29 per cent to ₹190 crore (₹147 crore in FY 2013-14). The bank declared a dividend of 15 per cent (10 per cent).

As on March 31, 2015, gross NPAs (non-performing assets) as a percentage of total advances edged lower to 4.02 per cent (₹715 crore in absolute terms), against 4.69 per cent (₹726 crore).

Net NPAs, however, edged up to 0.67 per cent (₹115 crore) as against nil in the previous year.

“At present, the bank has a footprint of 267 branches spread across six States — Maharashtra, Goa, Karnataka, Gujarat, Madhya Pradesh and the National Capital and will be adding 20 more new branches during the current year…The bank is geared up and confident of surpassing its business target of ₹50,000 crore by March 31, 2016,” said Sakhalkar in a statement.

Published on July 27, 2015