Latest News | SVC Bank Profit Rises by 5.8 Pc to Rs 150 Cr in FY21

Mumbai, Jun 8 (PTI) SVC Cooperative Bank on Tuesday reported a 5.8 per cent growth in its FY2020-21 (FY21) net profit at Rs 150.21 crore.

The 115-year-old bank's total advances grew by 6.20 per cent during the fiscal to Rs 12,328 crore, driven by a 14.51 per cent growth in retail segment to Rs 2,076 crore, while corporate loans grew 4.66 per cent to Rs 10,521 crore.

The overall deposits grew by 5.03 per cent to Rs 17,331 crore in the pandemic year, a statement said, adding the deposit growth was driven by an 18 per cent growth in the low-cost current and savings accounts.

The bank's gross non-performing assets saw an uptick during the pandemic year to 3.96 per cent as of March 31, 2021, up from the 3.74 per cent in the year-ago period. The net NPAs were stable at 1.81 per cent, the statement added.

"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,” its chairman Durgesh S Chandavarkar said.

New business segments added include credit facilities for professionals and MSMEs, thrust on retail credit through gold loan, home loan, traders loans and mortgage loans. Focus on digital lead acquisition.

Its overall capital adequacy moved up to 13.89 per cent at the end of fiscal from the 12.96 per cent in the year-ago period.

The bank's board have recommended a dividend of 12 per cent for the year, subject to approval from the Members during the Annual General Meeting, the statement said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)