During the Financial Year ending on March 31st, 2023, The Cosmos Cooperative Bank Ltd., has earned a net profit of Rs 151 Crore and netted R 213 Crore Profit Before Tax (PBT) informed Bank’s Chairman CA Milind Kale. This is the maximum net profit earned up till now, in the history of the Bank.
At the end of March 2023, the Bank’s business was more than Rs. 30700 Crore which included Deposits of more than Rs. 17600 Crore and Advances of more than Rs. 13100 Crore. The Bank’s Operating Profit stands at Rs. 514 Crore with Gross NPA at 4.80% and net NPA at 1.74%
The Bank maintains its CRAR at 13.54%. The Bank has set new records in the portfolio of Business, Deposit Mobilization, Loan Disbursement, Loan Recovery, Net & Gross Profit in the Financial Year ending on March 31st, 2023 stated Chairman, CA Milind Kale.
The Bank has recently sent a proposal to the Reserve Bank of India regarding merger of Maratha Sahakari Bank and The Sahebrao Deshmukh Sahakari Bank, both based in Mumbai. The Bank’s Managing Director, Mrs. Apekshita Thipsay informed that, after the approval for this merger is received, the Bank will make substantial business expansion in Mumbai.
This year in March, on the auspicious occasion of Gudhi Padwa, the Cosmos Cooperative Bank had launched the Marathi website for its customers which gives detailed information on the Bank’s various schemes, services, activities, rates of interest on deposit & loan products etc.
Chairman-CA Milind Kale stated that this website will benefit the Bank’s Marathi Customers strewn across cities around the world. With this platform, entrepreneurs having their account with the Cosmos Bank can make all kinds of collections and payments, enjoy facilities like QR Code etc.
It is also noteworthy that as of now the Cosmos Bank has successfully crossed an important milestone of 10 Lakh daily transactions through its UPI system. The UCB is ever active updating, upgrading and developing its digital banking platform which is beneficial to customers.
Chairman Kale says the Cosmos Bank is embracing ‘Digital India’ the vision of our Hon. Prime Minister.