Money & Banking     

Published: May 31, 2024
Updated: May 31, 2024

Cosmos Co-op Bank

Earnings at all-time high in FY24

Pune-based Cosmos Co-operative Bank has put up a scintillating performance during fiscal year 2024 with the profit at net level shooting up to an all-time high of Rs 384 crore

Revealing this to newsmen, an elated CA Milind Kale, Chairman, added that the bank had performed extremely well in its various portfolios, including deposit mobilization, loan disbursement, pre-tax profit, net profit, CRAR, and net NPAs etc.

According to Mr Kale, at the end of March 2024, Cosmos Bank’s business stands at Rs 35,408 crore, which has increased by Rs 4,662 crore, which is 15.16% more than in financial year 2023. The deposits of the bank stand at Rs 20,216 crore, an increase of Rs 2,587 crore, while advances are Rs 15,192 crore, an increase of Rs 2,075 crore from the last financial year. Gross NPAs are at 3.22 % while net NPAs are 1.54 %. The bank maintains its CRAR at 15.43%. At the end of March 2024, the bank earned a profit before tax (PBT) of Rs 461 crore, while net profit earned was Rs 384 crore.

During the financial year that ended on March 31, 2024, Mumbai-based Maratha Sahakari Bank (with 7 branches) and Sahebrao Deshmukh Sahakari Bank (with 11 branches) merged with Cosmos Bank. With this merger, the bank’s branch count in a major city like Mumbai has risen to 50. At present, Cosmos Bank has 170 branches across 7 states. Uptil now, the bank has merged with itself 18 small cooperative banks, thus securing the deposits of lakhs of customers, said the bank’s ViceChairman, CA Yashwant Kasar.

NEW BRANCHES

While sharing information about Cosmos Bank’s expansion, its Managing Director, Apekshita Thipsay, said the bank has recently opened branches in the Manjari, Tathawde and Ravet areas of Pune, which are receiving a very good response from customers. She added that in the near future, the bank proposes to open branches at Dhanori in Pune, and Worli, Sion, Girgaum, Vikhroli and Kurla in Mumbai. Ex-Vice Chairman Praveenkumar Gandhi and other directors were present at the conferenc