SVC Bank Registered 150 Crore Profit In 2020-21 – SVC Bank’s Profit Increase; Strong performance in Corona crisis, recommendation to pay dividend | Maharashtra Times

SVC Bank Registered 150 Crore Profit In 2020-21 – SVC Bank’s Profit Increase; Strong performance in Corona crisis, recommendation to pay dividend | Maharashtra Times

Highlights:

  • For the financial year ended March 31, 2021, SVC Bank reported a net profit (PAT) of Rs 150.21 crore.
  • The total deposits of SVC Co-operative Bank stood at Rs 17,331.55 crore, an increase of 5.03 per cent over the previous year.
  • The total business of the bank has increased from Rs 28,108.81 crore to Rs 29,659.53 crore.

Mumbai: Leading SVC Co-operative Bank Ltd. (SVC Bank) has announced its financial results for the year ended March 2021. The results were approved at a recent board meeting. In view of the bank’s strong performance, the Board of Directors has recommended a 12 per cent dividend for the year and the decision will be taken with the approval of the members at the annual general meeting.

For the financial year ended March 31, 2021, SVC Bank reported a net profit (PAT) of Rs 150.21 crore. Last year, the net profit was Rs. 142.01 crore. Compared to the previous year, the profit has increased by 5.8 per cent this year. Meanwhile, the bank’s total business has increased from Rs 28,108.81 crore to Rs 29,659.53 crore. Total business grew by 5.5 per cent.

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The total loan disbursement was Rs 12,327.98 crore as against Rs 11,607.97 crore last year. This is an increase of 6.20 per cent over the previous year. Total deposits grew by 5.03 per cent to Rs 17,331.55 crore from Rs 16,500.84 crore in the previous fiscal. Despite the challenging situation, there has been no increase in net non-performing loans (NPAs). The bank has managed to limit its net non-performing loans (NPAs) to 1.81 per cent last year.

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Speaking on the outcome, SVC Bank Chairman Durgesh S. Chandavarkar said, “We thank our customers, stakeholders and employees for helping us get closer to our target of Rs 30,000 crore and increase our profits. Together, we have balanced the goals of health and progress by fighting this epidemic with caution and positivity. Our investment in efficiency, development of new services and modern digital capabilities and operating systems has been meaningful and effective and we believe that these services will definitely be of benefit to drive future progress. ”

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Highlights of the bank’s operations –
– Emphasis on the distribution of credit facilities for commercial and micro, small and medium enterprises (MSMEs) in the new business category, and the distribution of retail loan services such as gold mortgages, home loans, commercial loans and mortgage loans. Emphasis on digital marketing to acquire new customers
– New retail CASA initiatives with digital powerful and value-added services for general consumers and housing organizations
– Emphasis on strict implementation of health safety measures in bank premises and vaccination of employees
– Digital Banking – New DIY Digital Services for Generations Who Want to Benefit from Home Banking Services

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