Ahmednagar co-op bank records 83% rise in net profit

The Ahmednagar Merchant’s Co-operative Bank Limited declared 83% rise in net profits going from Rs349.54 lakh recorded last year to Rs643.14 lakh for the financial year ending March 2011.
Likewise, the bank’s gross profit also went up from Rs529.17 lakh to Rs1,008.14 lakh in March 2011.

Chairman of the bank, Hastimal Chandmal Munot, told mediapersons that the bank’s deposits had increased from Rs39,808.47 lakh to Rs44,104.03 lakh. Munot also said that loans and advances had gone up from Rs26,820.71 lakh to Rs35,366.89 lakh. The reserves and surplus of the bank was Rs4,741.93 lakh.

According to Munot, the gross non-performing asset (NPA) of the bank had come down from 4.40% to 2.52% and the net NPA stood at 0% for the last 11 years.

Subhash Bhand, vice-chairman of the bank told mediapersons, “The bank is having only eight branches. Six of these are situated in and around Ahmednagar, while one branch is at Jamkhed and the other at Aurangabad.”

Suresh Katariya, chief executive officer of the bank, said that the bank would be giving interest @ 10.25% on fixed deposits for the period 366-575 days.