Mumbai/IBNS: SVC Co-operative Bank Ltd (SVC Bank), one of India’s leading co-operative banks, registered a profit of Rs 150.21 crore for the year ended March 31 2021.
In the previous year, it had reported Rs 142.01 crore PAT.
Total business during the year grew by 5.5% at Rs 29,659.53 crore as against Rs 28,108.81 crore.
During the same year, total advances grew at 6.20% at Rs 12,327.98 crore as against Rs 11,607.97 crore.
Total deposits grew by 5.03% at Rs 17,331.55 crore against Rs 16,500.84 crore during the previous financial year.
According to the bank, despite challenging and extra-ordinary times, it has maintained net NPA at 1.81%, same as last year.
Durgesh S. Chandavarkar, Chairman, SVC Bank, said “Our investments in operational efficiency, new product development and digital initiatives have paid off and we are confident to leverage them for a future growth momentum.”
In view of the strong performance of the Bank, the Board of directors have recommended a dividend of 12% for the year, subject to approval from the Members during the Annual General Meeting.
Set up in 1906, SVC Bank is one of the oldest co-operative banks space and is present across 11 states – Maharashtra, Karnataka, Goa, Gujrat, Rajasthan, Delhi, Haryana, Madhya Pradesh, Andhra Pradesh, Telangana and Tamil Nadu.