West Bengal-based Samata Cooperative Development Bank crossed the business mix by more than Rs 350 crore in the 2021-21 financial year and made a net profit of Rs 2.60 crore.
The figures were revealed at the annual general meeting held recently. Despite adverse market conditions, bank deposits increased from Rs 182.77 crore in FY 2020-21 to Rs 208.86 crore in FY 2021-22, while advances increased from Rs 142 crore to Rs 162.91 crore as of March 31, 2022.
The bank’s business stood at Rs 370 crore. The bank announced a 9% dividend for its shareholders.
Furthermore, the registered capital of the Bank stood at Rs 13.89 crore. Reserves increased from Rs 3.09 crore to Rs 3.56 crore in the financial year 2021-22. The bank’s CRAR is 33.24%, Net NPA 3.19%, CD Ratio 70.45% as of 31.03.2021.
The cooperative movement is perceived as weak in North India, but despite several obstacles, the Samata Cooperative Development Bank has performed well.
At present, the bank is focusing on the priority sector and working to take the bank to new heights,” UCB CEO Debasish Bhattacharjee told Our Correspondent.
The bank has a network of four branches and now plans to open more branches to attract more and more customers in the coming days. More than 17,000 shareholders are associated with the bank.
The bank is ahead in the field of technology and has launched a Mobile Banking application to compete with other players in the market. It installed its own internal data center in 2018 for better security.
The Bank is working on the UPI system and it should be launched next week.
It should be recalled that Samata Cooperative Development Bank won the “BEST EAST BASED BANK” award in the Small UCB category of FCBA Banking Frontiers for the year 2019 and “BANCO BLUE RIBBON 2019” in the All India Urban Banks category of BANCO AVIES Publications.
Samata Co-operative Development Bank Ltd was established on September 24, 1997.