Money & Banking

SVC Co-operative Bank net up 6 per cent at ₹150 cr in FY’21

Our Bureau Mumbai | Updated on June 08, 2021

The Board of directors of the co-operative bank recommends a dividend of 12 per cent for the year

SVC Co-operative Bank’s net profit increased by 6 per cent year-on-year (yoy) to ₹150 crore in the financial year ended March 31, 2021 against ₹142 crore in the previous financial year (FY20).

The Board of directors of the Mumbai-headquartered multi-state urban co-operative bank recommended a dividend of 12 per cent for the year, subject to approval from the Members during the Annual General Meeting.

Deposits and advances

SVC Bank’s total deposits grew about 5 per cent to stand at ₹17,332 crore as at March-end 2021 against ₹16,501 crore as at March-end 2020, according to the Bank’s statement.

Within total deposits, the proportion of low-cost CASA (current account, savings account) deposits rose to 27 per cent from 24 per cent.

Total advances were up about 6 per cent to ₹12,328 crore as against ₹11,608 crore.

Within total advances, retail advances rose 14.51 per cent to Rs 2,077 crore and corporate advances were up by 4.66 per cent to Rs 10,251 crore.

Gross non-performing assets (NPA) showed a marginal uptick to 3.96 per cent of gross advances as at March 31, 2021 against 3.74 per cent as at March-end 2020, the statement said. Net NPA was unchanged at 1.81 per cent of net advances.

The Bank’s capital to risk-weighted assets ratio increased to 13.89 per cent as at March-end 2021 against 12.96 per cent as at March-end 2020.

The 115-year-old Bank has a presence across 11 states through 198 branches and 213 ATMs

Published on June 08, 2021

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